Bitcoin rallies to its highest level since March 2018 fueled by hype over Facebook’s online currency

Speculators pushed the value of bitcoin to its highest level since March 2018

Bitcoin has risen to its highest price in 15 months as punters bet it will be boosted by hype around Facebook’s online currency.

Speculators pushed the value of bitcoin above $11,000, its highest level since March 2018.

Facebook last week announced it is launching a currency called Libra which customers will be able to use to pay in its messaging apps. 

Enthusiasts hope this will persuade more people to bet on bitcoin and other cryptocurrencies.

Jehan Chu, of digital currency investor Kenetic Capital, said: ‘The surge is due to two major factors. 

‘One is an increasing consensus among the investment community that bitcoin is a legitimate store of value for the digital age, and two, Facebook’s Libra launch has forced every chief executive to take crypto seriously.’

Bitcoin, an unregulated online alternative to traditional money such as pounds, surged in 2017 but fell to almost $3,000 last December.

 



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