BITCOIN can boom too, but will the surge last? Record highs for the virtual currency suggest the world鈥檚 economic superpowers are waking up to its potential.
On Monday, after a positive response at a US Senate hearing devoted to virtual currencies, the price of one Bitcoin reached a record high of $900 on the main US exchange, and then fell to around $750, still more than double last week鈥檚 price. The rise was so meteoric, even our editorial process couldn鈥檛 keep up (see figure, page 23).
The price also peaked in China, reaching almost 楼7000 ($1150). Chinese renminbi can鈥檛 easily be traded for other currencies so Bitcoins command a premium price there. Chinese cash has poured into Bitcoin following positive coverage by the state-controlled broadcaster.
Advertisement
鈥淐ash poured into Bitcoin following a US Senate hearing and positive press in China鈥�
As New Scientist went to press, another US Senate hearing was scheduled for 19 November.
This article appeared in print under the headline 鈥淰irtual cash soars鈥�