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Why did bitcoin reach a record high? 

Bobby Lee, co-founder and CEO of Bitcoin exchange BTCC, said geopolitical events, such as foreign capital controls in China, had boosted the value of bitcoin. 

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He also highlight the demonetisation efforts in India and Venezuela as well as money printing and high debt in other countries. 

“When the existing money system has problems, people come and maybe turn to bitcoin,” he told CNBC.