The virtual currency known as Bitcoin is at a record high of $9,700 after jumping 4.5% so far on Monday and 20% above the level it stood at on Friday, according to the Luxembourg-based Bitcoin exchange, Bitstamp.
Virtual currencies are largely unregulated and bypass traditional banking systems. Their growth is of increasing concern to international regulators. The chief executive of JP Morgan Chase, Jamie Dimon, described Bitcoin at a recent conference as “a fraud”.
China and South Korea have banned any new virtual currency launches and have been shutting down exchanges on which they are traded.
