Free markets are a beautiful animal. When you allow people to freely exchange goods and services for one another the recipe for greatness achieves an all time high.
Currently, Bitcoin is trading above $1,400 and looks like it is poised to go even further.
Bitcoin surged to an all-time high above $1,400 on Tuesday, after more than tripling in value over the past year, with its most recent rise attributed to strong demand in Japan, where the digital currency has been deemed a legal means of payment.
Cryptocompare, a data website that analyzes bitcoin trading across dozens of exchanges globally, said around 50% of trading volume over the past 24 hours had been on the bitcoin/Japanese yen exchange rate.
“The Japanese have recently warmed their approach towards bitcoin by treating it legally as a form of payment - a ratification and bringing into the regulatory fold,” said Charles Hayter, the website’s founder.
“China’s clampdown on exchanges can also be seen as a positive move for the industry too,” he added.
At the writing of this article, Bitcoin is currently trading as follows: