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