Bitcoin proves profitable
Print Edition
THE price of Bitcoin soared 219 percent from a year ago to almost 7,500 yuan (US$1,086) yesterday, which made the virtual currency one of the most profitable investments in 2016.
Its price beat 7,000 yuan (US$1,006) during the New Year holiday, as investors turned to the virtual currency as an investment alternative amid global economic uncertainties and the weakening yuan, industry insiders said.
The Bitcoin price hit an intraday high of 7,489 yuan yesterday, tripled the price of 2,351 yuan a year ago. Yesterday’s price was also close to the record high of 8,000 yuan in 2013, according to China’s Bitcoin trading platforms Huobi, Okcoin and BTCC.
It was the first time for Bitcoin to jump over the US$1,000 level since 2013. Its price hit a high of about US$1,163 at the end of 2013.
The yuan’s depreciation and uncertainty about the global environment have pushed investors to Bitcoin since December, said Zhu Jiawei, chief operating officer of Huobi.
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