Bitcoin chalks up new record as it charges past $14,000

Bitcoin chalks up new record as it charges past $14,000

SINGAPORE – Agence France-Presse
Bitcoin chalks up new record as it charges past $14,000

Bitcoin ploughed past $14,000 to a fresh record on Dec. 7 as investors continued to pile in, triggering a warning the cryptocurrency was “like a charging train with no brakes” that would inevitably slip back.

It touched a new high of $14,475 before slipping back to $14,328 in Asian  afternoon trade, according to Bloomberg News.

The rally came just a day after the virtual currency, which has been used to buy everything from an ice cream to a pint of beer, hit the $12,000 mark for the first time.

Bitcoin -- which came into being in 2009 as a bit of encrypted software and has no central bank backing it -- has risen from a 2017 low of $752 in mid-January, and surged dramatically in the past month.

The increased interest has been driven by growing acceptance among traditional investors of an innovation once considered the preserve of computer nerds and financial experts. US regulators last week cleared the way for Bitcoin futures to trade on major exchanges, including the world’s biggest futures center the Chicago Mercantile Exchange (CME).

But some, including the U.S. Federal Reserve, have warned against dabbling in Bitcoin as it could threaten financial stability, and fears of a bubble have increased as the price has soared.

Bitcoin, chalk, charge