Bitcoin price soars to record high

Japan Emerges as the World's Foremost Hotbed of Bitcoin Trading

It started the year at "just" $966 and quickly spiked to more than $3,000 by June.

Some attributed the jump to speculation that China will allow bitcoin trading to resume by licensing exchanges for cryptocurrencies, but initial reports about that possible move came last week. It is important to note that the valuation of Bitcoin is highly volatile and more hard to sell than traditional assets.

But the main factor could simply be demand from investors wanting "in" on a market that has provided gains exceeding those of any other currency in every year bar one since 2010. It's price also reached a historical value of $5,226; this is not the first time Bitcoin's price has soared.

Russian Federation becomes the third major economy in the span of a month to put the clamps on cryptocurrency.

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Professor of economics and public policy at Harvard University, Kenneth Rogoff, expects the price of Bitcoin to collapse.

"For most currencies there are several accepted methodologies for estimating relative value, normally based on macroeconomic fundamentals", said EFG Asset Management's Global Head of Research, Daniel Murray. In fact, Russia's central bank said they are considering banning cryptocurrency trading websites.

The price of bitcoin, the world's best-known cryptocurrency, has smashed through $5,000 to a new all-time high.

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