Trade in Bitcoin is small compared with that in
countries' official currencies. But since its creation in 2008, Bitcoin has
become a popular way to pay for things online. There are currently more than 12
million bitcoins in existence according to Bitcoincharts, a website that
provides financial information about the currency.
On one
exchange site, Mt. Gox, the value of the currency rose to $900 (£559) on Monday
before falling back to $727 (£452). This compares with a price of $200 (£124)
in late October.
The closing
down of Silk Road and hearings in front of US government committees have led
some to believe that prices are increasing as investors think Bitcoin will gain
more mainstream acceptance.
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| Garrick Hileman |
"Lots
of factors are driving the price action in Bitcoin, including pure
speculation," said Garrick Hileman, an economic historian at the London
School of Economics.
"Regulatory interest in Bitcoin also traditionally has a positive
effect on the price of Bitcoin," he added.
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