Bitcoin prices have soared in the past month, defying skeptics who thought the bubble burst in April.
According to CNN, Bitcoin has been surging to new highs as investors, especially those in China, become increasingly optimistic about the digital currency's potential growth!
The price of one bitcoin hit a record of a record of $430 on Saturday on the Mt. Gox exchange. The virtual currency trades 24/7 on Mt. Gox and other exchanges around the world. Bitcoin was approaching $400 again Tuesday, reaching a high for the day of $391.53 in early morning trading.
So why is Bitcoin rallying again? The latest surge comes on the heels of strong demand in China, said Nick Colas, market strategist at ConvergEx Group, a global brokerage company based in New York.
"The Chinese demand has been the big driver in the last two weeks," he said. "You can see that in the volume charts."
Bitcoin was recently featured in favorable reports on China's state-run CCTV television network and in government-backed newspapers. It has also gained popularity since Baidu (BIDU), China's leading search engine, announced plans to accept Bitcoin as payment for some services.
"The demand out of China has been pretty staggering," said Barry Silbert, founder and CEO of SecondMarket, the parent company of Bitcoin Investment Trust, which was recently launched as the first U.S.-based investment fund dedicated just to Bitcoin.
"We're seeing the early signs of money coming into Bitcoin as an asset class," Silbert said.
The Bitcoin Investment Trust has amassed $15 million since it launched in September. The fund had expected to end the year with $10 million, according to Silbert. "We're seeing significant interest," he said.
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