Bitcoin breaches new milestone by smashing past $5 000 mark

Bitcoin Price Soars Above $5000 to Record High

Bitcoin Price Soars Above $5000 to Record High

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. One bitcoin is now valued at $5,161 as of 0822 GMT.

Bitcoin's rival ethereum rose 1.93 percent to $307.

Other cryptocurrencies gained value in that window of time as well. Bitcoin started the year trading at $966 per token and has soared over 750 percent in the last 12 months. Authorities in Russia also recently addressed the topic, with Russian President Vladimir Putin offering assurances that plans to regulate the currency would place no "excessive barriers" to trading - opening up a major potential market, as Fortune notes.

Bitcoin, a virtual currency created from computer code, was worth only a few United States cents was launched in 2009 by someone using the Japanese-sounding name Satoshi Nakamoto.

None of the Wall Street giants now have a bitcoin trading desk, though Fidelity operates a project through its research and development arm, as CoinDesk reported. Banks and other financial institutions have been concerned about bitcoin's associations with money laundering and online crime.

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