Bitcoin jumps above $1,000 for first time in three years

Bitcoin jumps above $1,000 for first time in three years

LONDON (Reuters) - Digital currency bitcoin kicked off the new year by jumping above $1,000 for the first time in three years late on Sunday, having outperformed all central-bank-issued currencies with a 125 percent climb in 2016.

Bitcoin - a web-based "cryptocurrency" that has no central authority, relying instead on thousands of computers across the world that validate transactions and add new bitcoins to the system - jumped 2.5 percent to $1,022 on the Europe-based Bitstamp exchange, its highest since December 2013.

Though the digital currency has historically been highly volatile - a tenfold increase in its value in two months in late 2013 took it to above $1,100, before a hack on the Tokyo-based Mt. Gox exchange saw it plunge to under $400 in the following weeks - it has in the past two years been more stable.

Its biggest daily moves in 2016 were around 10 percent, still very volatile compared with fiat currencies, but markedly lower than the trading of 2013, which saw daily price swings of as much as 40 percent.

Bitcoin may have been boosted in the past year by increased demand in China on the back of a 7 percent annual fall in the value of the yuan in 2016, the Chinese currency's weakest showing in over 20 years. Data shows most bitcoin trading is done in China.

Bitcoin is used to move money across the globe quickly and anonymously and does not fall under the purview of any authority, making it attractive to those wanting to get around capital controls, such as China's.

It is also may appeal to those worried about a lack of supply of cash, such as in India, where Prime Minister Narendra Modi removed high-denomination bank notes from circulation in November.

"The growing war on cash, and capital controls, is making bitcoin look like a viable,

Views: 291

Comment

You need to be a member of 12160 Social Network to add comments!

Join 12160 Social Network

Comment by Anti Everything on January 4, 2017 at 6:29am

Judging from this article it would seem the Bitcoin is getting it's legs and becoming more useful to more people. Anything that takes power/control from the system is good, imo.

"Destroying the New World Order"

TOP CONTENT THIS WEEK

THANK YOU FOR SUPPORTING THE SITE!

mobile page

12160.info/m

12160 Administrators

 

Latest Activity

tjdavis posted a video

“What’s His Motive?” - Inside The Mind of George Soros

In this short clip, Patrick Bet-David, Sebastian Gorka Adam Sosnick, and Tom Ellsworth George Soros and what motivates him to do the things he does. FaceTime...
yesterday
Doc Vega posted blog posts
yesterday
cheeki kea favorited Bob of the Family Renner's photo
Tuesday
cheeki kea commented on Doc Vega's blog post Plausible Explanation Behind Recent Cryptid Sightings in the Wild!
"If you're ever out there Doc V and notice giant two legged birds roaming the wilderness be…"
Tuesday
Doc Vega posted blog posts
Tuesday
Burbia commented on TommyD's group The Chuckle Hut
Monday
Doc Vega posted blog posts
Sunday
Doc Vega posted photos
Saturday
Doc Vega posted a blog post

Ashrams and Moonies Perfect Case for Mind Control

 In the late 60’s and into the 70’s we saw a strange phenomenon emerge! That was the rise of cults…See More
Aug 22
Doc Vega posted a blog post

Modern Progress

 From some things you just can’t come backNot everyone has your backIt might just be a nuclear…See More
Aug 21
Bob of the Family Renner favorited tjdavis's photo
Aug 21
Less Prone favorited Sandy's discussion Sick sci-fi sex fantasy written by Epstein's first benefactor people say inspired his twisted island... before author's SON ended up arresting him
Aug 21
Doc Vega commented on tjdavis's photo
Thumbnail

Now Playing

"They sure as hell are! "
Aug 20
Doc Vega commented on Doc Vega's blog post Plausible Explanation Behind Recent Cryptid Sightings in the Wild!
"cheeki kea, yes they have already produced a Wooly Mammoth by crossing DNA from frozen remains in…"
Aug 20
Less Prone favorited tjdavis's photo
Aug 20
Less Prone favorited Bob of the Family Renner's photo
Aug 20
Less Prone favorited tjdavis's photo
Aug 20
Less Prone left a comment for Misteri
"Welcome back!"
Aug 20
tjdavis posted blog posts
Aug 19
tjdavis posted photos
Aug 19

© 2025   Created by truth.   Powered by

Badges  |  Report an Issue  |  Terms of Service

content and site copyright 12160.info 2007-2019 - all rights reserved. unless otherwise noted