03:08 GMT +323 January 2018
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    Bitcoin Hits Record High of $17,751 on Bitstamp Exchange

    © AFP 2018/ Justin TALLIS
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    On December 15, the world's most popular cryptocurrency, Bitcoin, gained eight percent, setting a new record.

    The rise of Bitcoin has been accompanied by the growing risks associated with investing in the highly volatile, 'roller-coaster' instrument.

    On December 7, the Bitcoin price hit a peak of $18,000 per unit, before falling back to about $16,000, according to Forbes. So far, Bitcoin has climbed more than 77 percent in December alone.

    Since the beginning of 2017, the price of Bitcoin has skyrocketed, from $997 on January 1 to over $9,000 by the end of November. The futures are believed to further increase its value and result in wider acceptance of the cryptocurrency on the financial market.

    READ MORE: Bitcoin to Trade at $60,000? Danish Bank Issues 'Outrageous' Annual Predictions

    According to the recently released "Outrageous Predictions" by Denmark's Saxo Bank report, bitcoin is expected to continue its phenomenal growth new year and reach a new historic record value of $60,000.

    Bitcoin provides a decentralized electronic platform based on Blockchain technology and is highly differentiated from traditional online banking.  Its main advantage is the anonymity.

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