As we previously reported, the growth can be linked to several factors ranging from political concerns to a recent split into two currencies - the first being Bitcoin classic and Bitcoin cash. Nettles said interest had been much higher than anticipated and has come from banks, hedge funds and brokers.
The validation of even one Wall Street institution would "change bitcoin" by bringing in lots of big money.
This morning Bitcoin shot past $5,000, and is now hovering around $5,300 - up almost 10% from yesterday. Authorities in Russia also recently addressed the topic, with Russian President Vladimir Putin offering assurances that plans to regulate the currency would place no "excessive barriers" to trading - opening up a major potential market, as Fortune notes.
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The cryptocurrency is highly controversial, with JP Morgan boss Jamie Dimon saying that it was only suitable for drug dealers, murderers and people living in North Korea. "So to us, this bounce back in price is no surprise", the analyst added.
The price rise of Bitcoin could be as a result of its monopoly in the cryptocurrency market.
"It is folly to think that bitcoin will ever be allowed to supplant central-bank-issued money", he wrote in The Guardian.
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Daniel Murray, global head of research at EFG Asset Management, noted that in 2013, bitcoin soared twelvefold in just four months but within a month had lost a third of its value and four months after its peak had lost 60% of its value.
Unlike a real-world unit such as the USA dollar or euro, bitcoin has no central bank and is not backed by any government.
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