The virtual currency Bitcoin is has touched the $1000 mark for the first time! This is the first time in history a currency unit that too an virtual currency is trading at such levels.
Bitcoin’s value has been rising rapidly since a US Senate committee hearing earlier this month.
Confidence grew after the committee described virtual currencies as a “legitimate financial service”.
Bitcoin has become popular in part due to it being difficult to trace transactions.
The currency is often linked to illegal activity online.
Enthusiasts say it is a highly efficient way of handling global money transfers.
“For Bitcoin to go from zero to $1,000 in just five years has been amazing to watch,” said Mike Hearn, a Bitcoin developer.
“It’s easy to forget that Bitcoin’s true value is not in an arbitrary exchange rate, but in its ability to enable new applications and services which aren’t possible with today’s payment networks.”