Virtual safe haven? Bitcoin surges to highest in more than two years

LONDON, June 16 The price of bitcoin surged 8
percent to $750 on Thursday, its highest since early 2014, as
jittery investors sought shelter in the web-based currency, once
considered too volatile to invest in, let alone at times of
market stress.

Worries that Britain will vote next week to leave the
European Union, as well as concerns over global growth, have
pushed down stocks and oil prices, while low-risk assets such as
gold and top-rated government debt have risen.

Along with those conventional safe havens, investors have
also turned to bitcoin.

The “cryptocurrency”, which can move money across the globe
quickly and anonymously with no need for a central authority,
has climbed almost 70 percent over the past four weeks on the
Luxembourg-based Bitstamp exchange. Gold, by
comparison, has rallied almost 5 percent during the same period.

Daniel Masters, a former commodities trader who runs
Jersey-based bitcoin hedge fund Global Advisors, said he had
started to see commodity trading advisors put bitcoin into their
portfolios “over the past month or two”.

“Bitcoin is a global, frictionless, instantaneous form of
currency, and it has a

Read more ... source: TheBitcoinNews

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