Bitcoin value surpasses $1,000 for first time

The price at which a single unit of the digital currency trades has risen dramatically in recent months

The value of a bitcoin has risen over $1,000 (£610) for the first time ever, just months after a single unit of the digital currency was priced at around $10.

At 7.25am on the Pacific coast (3.25pm GMT), bitcoins were trading for $1,041 on Mt. Gox, the most high profile exchange for the country in the world, according to reports from Wired.

Dan Held, an expert in tracking the bitcoin market, told the website: “China is still driving overall demand. However, I think there has been a paradigm shift in how people think about Bitcoin in the US.

“Over the last few days, my friends, parents’ friends, and people that I never thought would buy bitcoin have contact me, not asking ‘what is bitcoin,’ but ‘how do I get bitcoin?”

Bitcoin has seen a surge in value in recent weeks after it received recognition from a series of major businesses and authorities across the world.

It featured in a US Senate hearing last week to consider the possibility it could be placed under American regulation.

In a letter written ahead of the congressional hearings US Federal Reserve chairman Ben Bernanke states that although the Federal Reserve “does not necessarily have authority to directly supervise or regulate” virtual currencies, such innovations may hold “long-term promise, particularly if the innovations promote a faster, more secure and more efficient payment system.”

“In general,” writes Bernanke, “the Federal Reserve would only have authority to regulate a virtual currency product if it is issued by, or cleared or settled through, a banking organization that we supervise.”

It was also announced by Sir Richard Branson that his space tourism company Virgin Atlantic will start accepting bitcoins as payment.

“All of our future astronauts are pioneers in their own right,” wrote Sir Richard, “and this is one more way to be forward-thinking.”

PROMOTED VIDEO
Life and Style
ebookNow available in paperback
Life and Style
ebooksA superb mix of recipes serving up the freshest of local produce in a delicious range of styles
Arts and Entertainment
The Bach Choir has been crowned the inaugural winner of Sky Arts’ show The Great Culture Quiz
arts + ents140-year-old choir declared winner of Sky Arts' 'The Great Culture Quiz'
Life and Style
food + drink
News
i100
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

ES Rentals

    iJobs Job Widget
    iJobs Gadgets & Tech

    Ashdown Group: (PHP / Python) - Global Media firm

    £50000 per annum + 26 days holiday,pension: Ashdown Group: A highly successful...

    Ashdown Group: Part time Network Support Analyst / Windows Systems Administrat

    £30 per hour: Ashdown Group: An industry leading and well established business...

    Ashdown Group: Trainee / Graduate Helpdesk Analyst

    £20000 per annum: Ashdown Group: A highly reputable business is looking to rec...

    Ashdown Group: Application Support Engineer with SQL skills

    £28000 per annum: Ashdown Group: A highly reputable business is looking to rec...

    Day In a Page

    Homeless Veterans appeal: 'You look for someone who's an inspiration and try to be like them'

    Homeless Veterans appeal

    In 2010, Sgt Gary Jamieson stepped on an IED in Afghanistan and lost his legs and an arm. He reveals what, and who, helped him to make a remarkable recovery
    Could cannabis oil reverse the effects of cancer?

    Could cannabis oil reverse effects of cancer?

    As a film following six patients receiving the controversial treatment is released, Kate Hilpern uncovers a very slippery issue
    The Interview movie review: You can't see Seth Rogen and James Franco's Kim Jong Un assassination film, but you can read about it here

    The Interview movie review

    You can't see Seth Rogen and James Franco's Kim Jong Un assassination film, but you can read about it here
    Serial mania has propelled podcasts into the cultural mainstream

    How podcasts became mainstream

    People have consumed gripping armchair investigation Serial with a relish typically reserved for box-set binges
    Jesus Christ has become an unlikely pin-up for hipster marketing companies

    Jesus Christ has become an unlikely pin-up

    Kevin Lee Light, aka "Jesus", is the newest client of creative agency Mother while rival agency Anomaly has launched Sexy Jesus, depicting the Messiah in a series of Athena-style poses
    Rosetta space mission voted most important scientific breakthrough of 2014

    A memorable year for science – if not for mice

    The most important scientific breakthroughs of 2014
    Christmas cocktails to make you merry: From eggnog to Brown Betty and Rum Bumpo

    Christmas cocktails to make you merry

    Mulled wine is an essential seasonal treat. But now drinkers are rediscovering other traditional festive tipples. Angela Clutton raises a glass to Christmas cocktails
    5 best activity trackers

    Fitness technology: 5 best activity trackers

    Up the ante in your regimen and change the habits of a lifetime with this wearable tech
    Paul Scholes column: It's a little-known fact, but I have played one of the seven dwarves

    Paul Scholes column

    It's a little-known fact, but I have played one of the seven dwarves
    Fifa's travelling circus once again steals limelight from real stars

    Fifa's travelling circus once again steals limelight from real stars

    Club World Cup kicked into the long grass by the continued farce surrounding Blatter, Garcia, Russia and Qatar
    Frank Warren column: 2014 – boxing is back and winning new fans

    Frank Warren: Boxing is back and winning new fans

    2014 proves it's now one of sport's biggest hitters again
    Jeb Bush vs Hillary Clinton: The power dynamics of the two first families

    Jeb Bush vs Hillary Clinton

    Karen Tumulty explores the power dynamics of the two first families
    Stockholm is rivalling Silicon Valley with a hotbed of technology start-ups

    Stockholm is rivalling Silicon Valley

    The Swedish capital is home to two of the most popular video games in the world, as well as thousands of technology start-ups worth hundreds of millions of pounds – and it's all happened since 2009
    Did Japanese workers really get their symbols mixed up and display Santa on a crucifix?

    Crucified Santa: Urban myth refuses to die

    The story goes that Japanese store workers created a life-size effigy of a smiling "Father Kurisumasu" attached to a facsimile of Our Lord's final instrument of torture
    Jennifer Saunders and Kate Moss join David Walliams on set for TV adaptation of The Boy in the Dress

    The Boy in the Dress: On set with the stars

    Walliams' story about a boy who goes to school in a dress will be shown this Christmas