Bitcoin hits three-year high as it tops $17,000

The price of Bitcoin has reached a three-year high topping $17,000 (£12,800) as more investors and companies throw support behind the digital currency.

Its value has risen 70pc since September and is now just 10pc lower than its all-time high valuation of $20,000 in December 2017.

Despite the near-record value, experts have said the price could continue to rise. Investors have been bidding up the price in anticipation of the digital coin overcoming a “credibility hump”, and move from to become mainstream in the finance and investment worlds.

Simon Peters, of investment platform eToro, said: “Bitcoin has broken through the critical price milestone of $17,000 and looks set to move higher. Three years on from its 2017 peak, the crypto-currency industry has matured and is seeing real traction with larger investors.

“They are using Bitcoin as an hedge to combat the prospect of higher inflation and continued government stimulus.”

Investors often compare Bitcoin with gold, as like the precious metal, the supply is limited. There will only ever be 21 million Bitcoins and the last of these are expected to be “mined”– where computers work to create new coins – in 2150.

Today there are some 18 million Bitcoins and the cryptocurrency’s limited supply could be a catalyst for a rising price.

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