Bitcoin has hit a record high after passing $9,000 (£6,700) and is close to reaching five figures as investors in the cryptocurrency shrug off warnings of a bubble.
The cryptocurrency rose to an all-time high of $9,721 on Monday. It is now worth more than seven times an ounce of gold, which is seen as a haven in times of turmoil.
In a remarkable rally, bitcoin started the year at $1,000 and smashed through $5,000 in October.
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Analysts said the decision by the Chicago Mercantile Exchange (CME) to launch bitcoin futures in December had fuelled buying, but also warned of the dangers of a speculative bubble building. The digital currency has gained more than 50% since the CME announced its decision on 31 October.
Neil Wilson, senior market analyst at ETX Capital, said: “The legitimacy this gives bitcoin as a tradeable asset is very important. The market cap of bitcoin now exceeds that of IBM, Disney [or] McDonald’s.”
The value of the 16.7m bitcoin units in circulation has exceeded $160bn.