Cryptocurrencies have surged so much that their total value has reached nearly $2.5 trillion, rivaling the size of G7 economies like Canada’s and Italy’s, with more than 200 million users.
The digital currency was up 40 percent from a month ago, reaching $60,126 according to Bloomberg News data.
There would never be more than 21 million Bitcoins, the mythical Nakamoto had vouched.
Banned by traditional financial institutions, right provocateurs have taken refuge in digital currencies, which they are using in ever more secretive ways.
Erected in a business park near the Danube River in Budapest, the bust sits atop a stone plinth engraved with the name of Satoshi Nakamoto, the pseudonym of the mysterious developer of Bitcoin.
Meanwhile, the value of Bitcoin plummeted early Tuesday, dropping from more than $52,000 per coin to $42,000, before recovering about half the loss — an example of the volatility that worries many.
A fervent proponent of the cryptocurrency, President Nayib Bukele has asked the more than 2 million Salvadorans who live overseas to send their remittances in Bitcoin.
India, among the world’s biggest holders of gold, saw investments in crypto grow from about $200 million to nearly $40 billion in the past year
Cryptocurrencies in India are selling like hotcakes with scores of start-ups launching crypto exchanges, giving investors easy access to this asset class.
PayPal has announced that it will this week begin to allow users in Britain to buy, hold and sell cryptocurrency through the online payment platform for the first time.
The US firm said its new service would allow UK-based customers to choose from four types of cryptocurrency: Bitcoin, Ethereum, Litecoin and Bitcoin Cash.
The electric car giant has since indicated its support for bitcoin, while several other high-profile investors including Twitter founder Jack Dorsey have also flagged their interest.
Bitcoin faces a green backlash because so-called mining often uses electricity produced from fossil fuels, especially coal.
According to a notice widely circulated on Chinese social media and confirmed by a former bitcoin miner, authorities in the province of Sichuan ordered the closure of 26 mines last week.
Top sources tracking the industry told this publication that the government has moved away from its earlier hostile stance towards virtual currencies.