Bitcoin Reaches Record Levels, and Investors Are Buying

Published May 28th, 2017 - 09:00 GMT
After rising more than 120 percent since the beginning of the year, the value of Bitcoin passed the $2,000 mark. (Pixabay)
After rising more than 120 percent since the beginning of the year, the value of Bitcoin passed the $2,000 mark. (Pixabay)

The digital currency Bitcoin saw its value gain almost 10 percent and climb to a record level of $2,235 last Monday.

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After rising more than 120 percent since the beginning of the year, the value of the digital currency passed the $2,000 mark with rising political uncertainty in the US and worries over global cybersecurity.

Political uncertainty around US President Donald Trump's administration heightened after reports emerged saying Trump had asked former FBI director James Comey to stop an investigation on former National Security Adviser Michael Flynn's ties to Russia.

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This has led investors to sell stocks and the American dollar last week, and buy Bitcoins, which is not controlled by a government, like gold, experts said.

The spread of WannaCry digital virus earlier in May also increased the demand for Bitcoins. Hackers behind the virus reportedly demanded ransoms in Bitcoins in order to have their computer files unlocked. The ransomware is estimated to have affected a quarter of a million computers in 150 different countries so far.

By Ovunc Kutlu


© Copyright Andolu Ajansi

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