The prices of cryptocurrencies are likely to rise as most merchants accept digital coins such as Bitcoin to surpass credit card charges and banking laws.
The Final Word: A murky regulatory environment hasn't slowed down bitcoin.
Bitcoin's valuation has surpassed $5,000 for the first time on Thursday. It is important to note that the valuation of Bitcoin is highly volatile and more hard to sell than traditional assets.
The news come a month after China clamped down on bitcoin-related activity, ordering domestic bitcoin exchanges to cease operations.
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But those warnings aren't having a lasting effect on the value of the cryptocurrency.
But after dipping below US$3000 in mid-September, bitcoin has leapt in value by more than 75 per cent in four weeks. Majority of cryptocurrency transactions occur in the Bitcoin network. "For bitcoin no such fundamentals exist".
The price of Bitcoin reached an all-time high, smashing through the $5,000 mark as it rebounds from a short period of uncertainty.
Two upcoming "forks" in the bitcoin software code, which will create rival clones of the cryptocurrency, were seen by some as a reason for the rise in price, which saw a boost after the "Bitcoin Cash" clone was created at the start of August.