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Bitcoin continues to surge in value

THE price of Bitcoin hit almost 7,500 yuan (US$1,074) today, 219 percent surge from a year ago, which made the digital asset one of the most successful investment in the year of 2016.

The Bitcoin surpassed the level of 7,000 yuan during the New Year Holiday, as investors turned to the virtual currency for investment alternative, amid global economic uncertainties and the weakening yuan.

The intraday high of 7,489 yuan also tripled the price of the price of 2,351 yuan a year ago. The price is close to the record high of the Bitcoin price of 8,000 yuan in 2013, according to China’s Bitcoin trading platforms Huobi, Okcoin and BTCC.

It was also the first time for Bitcoin to jump more than US$1,000 line since 2013. The highest value Bitcoin has ever reached is about US$1,163, which it hit towards the end of 2013.

Comparatively, the new house price in Shanghai increased more than 20 percent in 2016 while the local stock index dropped in the year.  


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