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The price of bitcoin has smashed through $5,000 to an all-time high: the cryptocurrency rose by more than 8% to $5,240, having started the year at $966. Bitcoin has soared by more than 750% in the past year and is worth four times as much as an ounce of gold.
The soaring value of bitcoin and other cryptocurrencies comes despite growing warnings over a price bubble. The starkest warning came from the JP Morgan chief executive, Jamie Dimon, who said bitcoin was a fraud that will ultimately blow up. Speaking last month, he said there was a limited market for the digital currency, arguing that it was only fit for use by drug dealers, murderers, and people living in countries such as North Korea.
The soaring value of bitcoin and other cryptocurrencies comes despite growing warnings over a price bubble. The starkest warning came from the JP Morgan chief executive, Jamie Dimon, who said bitcoin was a fraud that will ultimately blow up. Speaking last month, he said there was a limited market for the digital currency, arguing that it was only fit for use by drug dealers, murderers, and people living in countries such as North Korea.