Share via Email The price of bitcoin is rising as more investors see the cryptocurrency as a store of value.
But this latest rally comes as some financial institutions show growing interest in bitcoin as an asset class, and as its supporters argue that it is supplanting gold as a store of value. Bitcoin yesterday you wanted to know about bitcoin but were afraid to ask Read more Bitcoin received a boost from PayPal last autumn, when the bank announced it would allow customers bitcoin yesterday buy, sell and use the cryptocurrency.
Analysts said this could be driving the price surge, by creating a shortage as PayPal buys up newly created bitcoins. There are more than 18m bitcoins in existence, created by the miners who provide the computational power underpinning the blockchain, which records transactions made using bitcoin. The system has a hardwired maximum of 21m coins. City firms have shown more interest in bitcoin recently.
Bitcoin yesterday warn that the crypto boom could be heading for trouble. The economics professor Nouriel Roubinia long-time critic of bitcoin, insists it has no intrinsic value.