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These charts show how quickly bitcoin is growing

These charts show how quickly bitcoin is growing

Finance
As bitcoin soars to all-time highs, the pace of gains is rapidly picking up speed. For example, it took well over 1,000 days for each leg of bitcoin's climb from a few cents to $ 1,000, and from $ 1,000 to $ 2,000. But since bitcoin topped $ 2,000 for the first time this May, the digital currency has added each incremental $ 1,000 to its price in less than 100 days. Each colored band in the chart below shows how long it took for bitcoin to climb from one psychologically key level to the other. The latest climb from $ 4,000 to $ 5,000 only took about 60 days. Bitcoin is gaining $ 1,000 at a faster and faster paceSource: CNBC analysis of CoinDesk dataBitcoin hit a record high of $ 5,856.10 Friday, a sixfold increase for the year, according to CoinDesk. The digital currency now has a market c...
IMF chief tells central bankers to not dismiss bitcoin

IMF chief tells central bankers to not dismiss bitcoin

Technology
Christine Lagarde, the head of the International Monetary Fund, has a message for the world's central bankers: Don't be Luddites. Addressing a conference in London on Friday, Lagarde said virtual currencies, which are created and exchanged without the involvement of banks or government, could in time be embraced by countries with unstable currencies or weak domestic institutions. "In many ways, virtual currencies might just give existing currencies and monetary policy a run for their money," she said. "The best response by central bankers is to continue running effective monetary policy, while being open to fresh ideas and new demands, as economies evolve." The most high-profile of these digital currencies is bitcoin, which like others can be converted to cash when deposited into accounts ...
Is the bubble going to burst on the bitcoin boom?

Is the bubble going to burst on the bitcoin boom?

Finance
The ambition that gave birth to the InterPlanetary File System is as immodest as the name.The brainchild of a Silicon Valley start-up called Protocol Labs, IPFS aims to give anyone the chance to buy and sell unused computer storage space. There is even a made-up unit of exchange for this proposed market: a digital currency called Filecoin.Speculators do not seem concerned that this spot market for global computing resources is still only a plan embedded in a piece of open source software. Or that, if it catches on, it will be competing with corporate giants such as Amazon, the leading cloud computing provider. Despite these obvious obstacles, Protocol Labs raised more than $ 250m in an open online sale of its invented currency that ended last week.So-called initial coin offerings, or ICOs,...
JPMorgan CEO Jamie Dimon says bitcoin is a fraud that will eventually blow up

JPMorgan CEO Jamie Dimon says bitcoin is a fraud that will eventually blow up

Finance
JPMorgan Chase CEO Jamie Dimon took a shot at bitcoin, saying the cryptocurrency "is a fraud." "It's just not a real thing, eventually it will be closed," Dimon said Tuesday at the Delivering Alpha conference presented by CNBC and Institutional Investor.Dimon joked that even his daughter bought some bitcoin, looking to cash in on a trend that has seen it soar more than 300 percent this year."I'm not saying 'go short bitcoin and sell $ 100,000 of bitcoin before it goes down," he said. "This is not advice of what to do. My daughter bought bitcoin, it went up and now she thinks she's a genius."In an appearance at a separate conference earlier in the day, Dimon said bitcoin mania is reminiscent of the tulip bulb craze in the 17th century."It's worse than tulip bulbs. It won't end well. Someone...
Crackdown in China causes Bitcoin to dip

Crackdown in China causes Bitcoin to dip

Technology
A crackdown on initial coin offerings (ICOs) in China has caused the value of Bitcoin to drop below the $ 5,000 mark.ICOs have been declared illegal by the People's Bank of China, the autocratic nation's securities regulator, due to concerns regarding financial fraud and general criminal activity.The phenomenon of ICOs has become extremely popular in recent months, with rampant speculation in competing cryptocurrencies driving up the value of their primogenitor, Bitcoin, briefly over the $ 5,000 (£3,850) mark.As the change in law was announced, Chinese holders in ICO tokens began to sell off their assets, driving the value of Bitcoin back down to roughly $ 4,400 or £3,400.Bitcoin's value has shot up rapidly in recent years having hit a low of $ 213 (£138) in August 2015, and briefly hit it