Bitcoin hit yet another all-time high on Thursday, passing $5,100 for the first time.
The digital currency hit $5,163 at 9:28 am, up by over 6.7% on the day, and is holding steady at the time of writing.Bitcoin’s price has skyrocketed over the past six months, seeing its fastest ever growth since its creation in 2009.Last year the currency saw relatively little movement, hovering between $400 and $800.
However, in June this year Bitcoin hit the $3,000 mark, growing faster in a month than it had done in the previous three years.
However, it appears to have once again bounced back, largely helped by reports that the Chinese government is relaxing recently implemented regulations and news that Goldman Sachs plans to develop ways of helping its client’s trade using cryptocurrencies.
Although Bitcoin is designed as a decentralised currency, free from the influence of traditional financial institutions, the actions of the old-guard still appear to play a fundamental role in its success.
Unfortunately, Bitcoin is still facing pushback from governments and organisations who are concerned about the anonymity of the platform, and its potential as a revenue stream for criminal activity. The Bitcoin Foundation, a group working to promote the use of Bitcoin in the US, is currently lobbying against increasing regulations in a number of US states.