Bitcoin Booms as China Eases Controls

PaulRubens - June 2, 2017 - 08:15 AM

Bitcoin Booms as China Eases Controls

The value of Bitcoin has skyrocketed after China starts allowing owners to make withdrawals from their accounts.

(CCM) — The value of Bitcoin is exploding following news that China's three largest digital currency exchanges are now allowing customers to withdraw Bitcoins from their accounts, according to a Business Insider report. The digital currency is favored by hackers and cyber-criminals, as well as legitimate investors. Bitcoin was the payment method demanded by the unknown people behind the recent WannaCry ransomware attack.

In February this year, customers of the Chinese exchanges were told that they would not be allowed to take Bitcoins out of their accounts, causing the value of the currency to plunge by over 10%. But since then, the currency has recovered with the Japanese government announcing in April that Bitcoin had become a legal payment method in the country. The digital currency has increased in value by more than 150% since the start of 2017, gaining about 4% yesterday alone to more than $2,407 per Bitcoin.

The crypto-currency has had a volatile history, enjoying a boom in its earliest years before reaching a peak of over $1,100 in November 2013. After that it crashed to less than $400 per Bitcoin, collapsing again in August 2016 following the hack of a Hong Kong-based currency exchange.

Saxo Bank analyst Kay Van-Petersen recently told CNBC that Bitcoin's value could exceed $100,000 within the next ten years, a rise of more than 3,000% from its current record high.

Image: © aztekphoto - Shutterstock.com

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