What Is Bitcoin ?

01/12/2017

Virtual currency Bitcoin is at a record high of $9,700 and this takes it to 20% above the level it stood at on Friday 24th November, according to the Luxembourg based Bitcoin exchange, Bitstamp.

It started the year at around $1,000. Virtual currencies are largely unregulated and bypass traditional banking systems. Their growth is of increasing concern to international regulators.

JP Morgan Chase’s chief executive, Jamie Dimon said “it’s just not a real thing, eventually it will be closed.”

Currencies such as Bitcoin use blockchain, which is an online ledger of transactions maintained by a network of anonymous computers on the internet.

They are not backed by any government, nor central bank and therefore there is no-one responsible for backing their value.

We think that this is a highly volatile and risky asset. People should take a great deal of care and understand the risks before opting to buy into Bitcoin.

If you would like information on investment planning opportunities centred on your personal circumstances, please contact us >>

Written by Clive Shaw | Chief Executive

Clive joined Mantle Financial Planning in 1991 & became Chief Executive in 2007 Read more >>

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