London: Cryptocurrency Bitcoin on Tuesday crossed the $10,000 mark for the first time ever, reaching an all-time high, and sparking off a fresh debate of ‘a huge bubble’.
One bitcoin cost USD 10,035 on the CEX online digital currency exchange, on Tuesday morning.
The cryptocurrency, which started the year at $1,000, had reached USD 5,000 by October.
Moreover, the value of Bitcoin has jumped by a fifth in the last three days alone.
The total value of bitcoin in circulation now exceeds the stock market valuation of corporate giants such as McDonald’s, IBM and Disney.
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Bitcoin is a virtual currency that emerged in the aftermath of a financial crisis and allows people to bypass banks and traditional payment processes to pay for goods and services.
However, banks and other financial institutions have been concerned about the early associations of the currency with money laundering and online crime, and it has not been adopted by any government so far.