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The newspaper noted that the price of bitcoin has risen by more than $ 1,000 since last week, as it is currently trading at more than $ 12,300.
Although it is still far from the record it set in 2017, after Bitcoin hit $ 20k, the new surge today came after 7 months of trading the digital currency for less than $ 5,000.
Bitcoin is a fully electronic financial payment system compared to the rest of the world’s currencies, but it does not have a regular existence.
“The continuing and growing global political, economic and social turmoil indicates that there will be a further rise in prices before the end of the year,” Nigel Green, chief executive of financial advisory firm Diver Group, told the newspaper.
Green added: “The Bitcoin coin is expected to maintain its value or even increase in value when other assets such as gold decline, and this allows investors to reduce the risk of losses.”
He continued: “Investors will increase trading in decentralized, non-sovereign and secure digital currencies, such as Bitcoin, to help protect them from potential losses in traditional markets.”
Research conducted by the University of Cambridge estimates that, in 2017, there were between 2.9 and 5.8 million people using Bitcoin in digital wallets.
