Bitcoin price today hit a new high

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The Bitcoin which now worth four times as much as an ounce of gold, currently trades at over $5,000 which is a new all time high for the famous cryptocurrency.

Bitcoin's value rose more than 8 percent and stretched above $5,200 on Thursday morning thanks to rising investor interest, according to cryptocurrency news site Coindesk. Its market capitalization is 53 percent of the market capitalization of all cryptocurrencies.

However, investing in bitcoin remains risky, as it plunged to below $3,000 just in September after Chinese authorities shut down exchanges in the country.

On Tuesday, Vladimir Putin called for regulations on cryptocurrency, labeling it a "serious risk" used for illegal activity such as money laundering, tax evasion, and funding terrorism. But he also warned against imposing "too many barriers", which appears to have given bitcoin a boost.

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Bitcoin, a virtual currency created from computer code, was worth only a few U.S. cents was launched in 2009 by someone using the Japanese-sounding name Satoshi Nakamoto. "It is one thing for governments to allow small anonymous transactions with virtual currencies; indeed, this would be desirable".

The starkest warning came from the JP Morgan chief executive, Jamie Dimon, who said bitcoin was a fraud that will ultimately blow up.

Interestingly, not all cryptocurrencies are following bitcoin's lead today, which usually happens when the incumbent cryptocurrency experiences price fluctuations.

"Yet bitcoin was created to operate outside of the influence of governments and central banks and is doing exactly that".

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