BUSINESS NEWS

Bitcoin Hits $5,000 and Climbs to New High

(BE Dunn/USNBT)

Despite recent calls for regulation and recent orders to stop trading, today the price of bitcoin has smashed through $5,000 to an all-time high.

The cryptocurrency has risen to $5,303.98 today having started the year at $966. Bitcoin is now worth over 5X it’s value ending 2016 and is currently worth over four times the value of an ounce of gold – $1,293.62.

Despite a plunge in September, triggered by exchanges in Beijing being ordered to stop trading and block new registrations, which saw Bitcoin drop below $3000 – and calls for regulation for all cryptocurrencies from Russian President Vladimir Putin amid concerns over “serious risks” of tax evasion, money laundering, and even funding terrorism, Bitcoin has rebounded strongly and is now surpassing its previous highs.

Bitcoin is finding more acceptance worldwide, even with a looming aura of a perceived bubble burst,  from smaller vendors as businesses like: Dish, Overstock, Newegg, Microsoft, and Expedia continue to embrace Bitcoin usage.