Bitcoin surpasses the $ 20,000-Mark Record for the first time

Bitcoin virtual currency on Wednesday traded above $ 20,000 (roughly Rs. 14.7 lakhs) for the first time following a continuing higher run in recent weeks.

At just 12, Bitcoin reached a record high of $ 20,398.50 (roughly Rs. 14.9 lakhs) before withdrawing to $ 20,145 (roughly Rs. 14,81,000), which was still earning within a day of almost to four percent.

It has seen a meteoric rise since March, when it was $ 5,000 (roughly Rs. 3.7 lakhs), driven by online payments giant PayPal saying it would enable account holders to use cryptocurrency.

Meanwhile several central banks have responded to the rise of cryptocurrencies and the diminishing global use of cash by announcing plans for bank-backed digital units.

Several central banks including those of China and Sweden – but also the US Federal Reserve – are also testing digital applications in response to Facebook’s recent moves to produce its own digital unit, Libra.

Unregulated by any central bank, Bitcoin has emerged as an attractive option for investors with an appetite for the exotic – though criminals have also seen its appeal under the radar.

Meanwhile the status of the digital asset, launched at the end of 2008, has been disputed over whether it should be considered a form of money, asset or commodity.

After the unit surpassed $ 1,000 (roughly Rs. 73,500) for the first time in 2013, it began to attract the attention of financial institutions increasingly and has experienced wild price changes.

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