The huge hike in Bitcoin value has meant that it now has a market cap of over US$10 billion, placing it above Twitter which stands at US$9.77 billion.
So how did this happen and what does it mean?
The boost in the value of bitcoins is being attributed to Chinese investors who were slightly concerned about the weakening Yuan.
Looks like #bitcoin price hike is linked to weakening of the yuan in China https://t.co/FiqwIpcfWY https://t.co/lp9MNHtDcd
— David Gilbert (@daithaigilbert) May 27, 2016
According to Reuters, around 95 percent of all bitcoin transactions are done via Chinese exchanges, and this latest spike is thought to be driven by fears that China's economy is slowing. As a result, people were trying to diversify their investments, which currently stand at US$22 trillion.
According to experts this bitcoin hike is a brilliant thing and could pave the way for even more growth. Bobby Lee, Chief Executive of BTCC, one of the World's Leading Bitcoin exchanges said that what we are witnessing now is very high trading volumes.
"The block halving will dramatically decrease the bitcoin being added as we approach 75 percent of all bitcoins issued."
"People understand that in this world of ever expanding assets and printing of money, we have something that's fixed and limited in issuance. It gives a decent alternative for people who want to hold assets that can have sustained purchasing power," Bobby Lee said.
Others took to social media to discuss what this could all mean:
I'm a #bitcoin noob, but this recent hike makes me think BUY. Your thoughts? @SimonDingle @gamaroff @marcusswanepoel pic.twitter.com/Omk10agsFf
— Heidi Patmore (@HeidiPatmore) May 30, 2016
So for those interested in the next investment opportunity, it appears that bitcoins may be the next big thing to put your money in to.
