Bitcoin has gained more than 900% this year
The cryptocurrency’s stratospheric and accelerating march through a series of $1,000 milestones comes amid widespread — but wavering — institutional scepticism
New York — Red-hot bitcoin soared through a record high above $10,000 on Wednesday, taking its gains to more than 900% so far this year, the most of any asset class. Despite widespread scepticism among veteran bankers and fund managers, the cryptocurrency was being propelled by a continued influx of retail buyers as well as promises of bitcoin futures opening the door to institutional investors, analysts said. Created in 2009, bitcoin tracks the ideas set out in a white paper by an individual or group of individuals called Satoshi Nakamoto, whose true identity has yet to be revealed. It promises lower transaction fees than traditional online payment systems and is not regulated by any government or entity. Enthusiasts and supporters for bitcoin are attracted by its revolutionary ideals of transparency and a lack of central or official control. But the risks of dealing in bitcoin were exposed in 2013 when Tokyo-based exchange MtGox collapsed after admitting it had lost the equivalent...
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