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Despite fluctuations in the stock market, the price of Bitcoin has risen by more than 160 percent this year.
The BBC reports that the price of Bitcoin rose 4.5 percent to .4,20,440 on Wednesday. The price of Bitcoin has risen due to the interest shown by large investors in the hope of a quick profit.
Companies like Starbucks and Microsoft are also expected to increase the scope of Bitcoin transactions.
This Bitcoin journey was difficult for investors. Once in November, the market price crossed US $ 19,000. Later it decreased again.
At the beginning of 2016, the market price exceeded 20 thousand US dollars. But then the price dropped to a low of $ 3,300.
In addition to the British pound and the US dollar, Bitcoin is traded in a wide range of currencies. Many companies have also introduced transaction facilities through Bitcoin. PayPal has recently been added.
However, the Governor of the Bank of England, Andrew Bailey, warned against dealing with bitcoins.
In October Bailey said: “I have to be honest, what we call intrinsic value is hard to see in the case of Bitcoin. People want it, so it can have external value. “
Bailey also said that he was “extremely upset” by the use of Bitcoin in transactions. He also said that investors need to understand that the price of Bitcoin is very volatile.
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