Price of Bitcoin reaches historic high of US$10,000

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Associated Press

The price of bitcoin, the most widely used virtual currency, has risen above US$10,000 for the first time, breaking a symbolic threshold in what has been a vertiginous ascent this year.

LAS VEGAS, NV - JANUARY 08:  A general view of the Bitcoin booth at the 2015 International CES at the Las Vegas Convention Center on January 8, 2015 in Las Vegas, Nevada. CES, the world's largest annual consumer technology trade show, runs through January 9 and is expected to feature 3,600 exhibitors showing off their latest products and services to about 150,000 attendees.  (Photo by Ethan Miller/Getty Images)

A general view of the Bitcoin booth at the 2015 International CES at the Las Vegas Convention Center.

Source: Getty

The cost of buying one bitcoin as measured by the website coindesk.com was at US$10,673 by morning trading in Europe.

At the start of the year, it was valued at about US$1,000.

In his upcoming book "From bitcoin to reality blockchain", author Pascal Ordonneau called bitcoin's rise in value "a kind of explosion. The question is the duration of the explosion".

Virtual currencies have been the subject of much debate this year, with the CEO of JPMorgan Chase calling bitcoin a "fraud", but other executives saying it should not be dismissed.

Bitcoin and other virtual currencies were initially used primarily to buy illegal goods and services online.

In recent years, they have become a hot investment among speculators.

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