Bitcoin nears $10,000 mark as hedge funds plough in

Cryptocurrency now worth seven times an ounce of gold with market cap higher than IBM, McDonald’s or Disney but analysts warn of ‘a huge bubble’

Bitcoin has hit a new record high after passing $9,000 and is close to reaching five figures as investors in the cryptocurrency shrug off warnings of a bubble.

The cryptocurrency rose to fresh all-time high of $9,700 on Monday. It is now worth more than seven times an ounce of gold, which is traditionally seen as a safe haven in times of turmoil. In a remarkable rally, bitcoin started the year at $1,000 and smashed through $5,000 in October.

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from The Guardian http://ift.tt/2hWvk26