The Bitcoin cryptocurrency briefly traded today at the stratospheric rate of 1 Bitcoin – $5,000, thus estalishing a new record.
Bitcoin started 2017 trading at around $650, and its value fluctuated greatly before rising to unseen levels in recent weeks.
Bitcoin’s decentralized nature means that there is no single agency regulating it, and thus it has spooked banks and financial institutions worldwide, chiefly because these traditional entities have no way of taxing Bitcoin or any other cryptocurrency.
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