“Bitcoin surged more than 40 per cent to a new high of $US750 ($800) as US agencies told a Senate committee the virtual currency is a ‘legal means of exchange’. Its value briefly dived to $US601 as the Senate committee got underway, but it has since recovered to sail past the $US675 high it reached prior to the hearing. While not an official seal of approval, the hearing has given some legitimacy to a payment mechanism that has been associated with illegal activities even as it gains acceptance by the general public and investment community. The digital currency, which trades 24 hours a day, every day, has risen around 404 per cent in the last two months.”
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