Bitcoin’s rally above $15,000 has reignited debate over whether the cryptocurrency is so-called digital gold or a perilously risky bet as investors grapple with the coronavirus pandemic.
The world’s most popular virtual unit has gained over 30 percent in value in almost three weeks up to Friday, taking it close to its December 2017 peak when it reached nearly $20,000.
After a rollercoaster ride on markets since then, it began its latest meteoric rise on October 21, after US online payments provider PayPal announced that it would enable account holders to use cryptocurrency.
“It is the validation of a market which was still relatively uncertain a few years ago,” said Simon Polrot, president of Paris-based crypto-assets association ADAN.
Bitcoin was created in 2008 by the pseudonymous Satoshi Nakamoto, and marketed as an alternative to traditional currencies.
Unregulated by any central bank, it was sold as an attractive option for investors with an appetite for the exotic — although criminals have also seen its under-the-radar appeal.
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