FX.co ★ Bitcoin hits one record high after another

Bitcoin is still at the peak of its popularity. Having appeared practically from nowhere, the cryptocurrency has been challenging the established world financial system. In this regard, bitcoin managed not only to overcome all obstacles but also to prove its right to existence.

The digital currency hits one record after another and, according to analysts, it is just the beginning of its way to even higher values. Since the start of this year, the cryptocurrency has increased by as much as 80 percent, breaking the mark of 1.8 thousand dollars. Bitcoin is also driven by the news coming from different parts of the world that many countries are going to legalize the currency. For example, Japan has already legalized it in April. Currently, this issue is being discussed in Russia. In April, Russian Deputy Finance Minister Alexey Moiseev said that "Russia may recognize bitcoin and other cryptocurrencies in 2018 to fight money laundering". Just three years ago, though, the Ministry of Finance of the Russian Federation insisted on imposing administrative sanctions for the use of quasi-money including digital currencies such as bitcoin.

Now the situation has radically changed. Russian authorities realized that they have no real power to prohibit anything and decided to follow the golden rule: "If you cannot ban something, take charge of it!" Bitcoin has been already compared with precious metals, especially as it costs higher than gold this year. Now one bitcoin trades $600 higher than a troy ounce of gold. Experts forecast that the digital currency will rise to more than 4 thousand dollars during this year.