Bitcoin has hit a record high ahead of a listing by the world’s largest crypto-currency exchange.
The digital currency rose 5 per cent to $63,753, beating the previous peak in March, and is up almost ninefold in the past year, a return that towers above stock market returns.
The move comes as Coinbase today becomes the first major crypto-currency company to list on the stock market in a test of investor appetite for other start-ups in the sector.
Bitcoin rose 5 per cent to $63,753, beating the previous peak in March, and is up almost ninefold in the past year, a return that towers above stock market returns
It is expected to list on the Nasdaq in the US with a valuation of £772million.
It is understood Coinbase was used by Tesla in its recent acquisition of £1billion worth of bitcoin.
Ipek Ozkardeskaya, analyst at Swissquote, said: ‘Coinbase’s debut will mark the first official juncture between the traditional financial avenue and the alternative crypto path.
A successful addition to Nasdaq should act as endorsement of crypto-currencies by traditional investors.’
More companies are investing in bitcoin. Goldman Sachs and Morgan Stanley are close to offering digital assets to clients.
But global regulators around the world are stepping up their scrutiny.
Bank of England Governor Andrew Bailey believes bitcoin is similar to gambling and has the same level of risk.
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