Bitcoin surges after Brexit sinks pound

Bitcoin prices surged Friday after news the United Kingdom would leave the European Union sent investors out of stocks, commodities and the British pound, which dropped to a three-decade low.

The price of the digital currency spiked as high as $680.19 from a $625.50 late Thursday and recently traded up 5% at $656.83, according to CoinDesk.

The gain follows a turbulent two weeks for the currency, which is “mined” by solving complicated computer problems. Bitcoin fans say the digital currency trumps traditional assets because of its security — the unique codes that exist for every bitcoin transaction.

Prices hit a two-year high last week, then dove 21% earlier this week.

The latest gains can be chalked up to a flight to alternative currencies after U.K. voters shocked global markets by choosing to leave

Read more ... source: TheBitcoinNews