Bitcoins Surge Past $1k, Post 124% Return in 2016

Nairametrics| Bitcoins on Monday January 2 surged passed the $1k mark making it one of the best performing asset class for the year. Bitcoins has now gained about 124% in one year. 

In a year where most businesses have started accepting bitcoins, the asset has attracted a lot of demand as more and more people become drawn towards digital currencies.  
Analysts also point to increased demand in China and India as a major reason for the surge. 

A unit of bitcoin crossed the $1k mark,  the highest level in about three years rising as high as $1010 when we last checked. 

Bitcoin hit an all-time high of $1,137 on Nov. 29, 2013 before it came down crashing. 

The current surge is attributed to the Trump election which many believe has brought uncertainty to many markets particularly in China. No one seems to know what to expect in the currency market and are fleeing to the safety of bitcoins. 

Nigerians have also started investing in bitcoins as more people can now buy in Naira. 

Ugo Obi-chukwu

Ugo Obi-chukwu "Ugodre" is a chartered accountant with over 16 years experience in financial management, corporate finance and financial analysis. He is also a retail investor and a personal finance advocate with over a decade experience investing in the Nigerian stock market. Ugo is the founder/Publisher of Nairametrics and blogs regularly on the website.

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