cnbc.com / By: Julia Wood / 29 Nov 2013 | 8:27 AM ET
A surge in Chinese demand underlies bitcoin’s astronomical rise over the past few months—the alternative digital currency topped $1,200 early Friday—underscoring the nation’s interest in digital currencies asalternative investments, but the question lingers: is it only a matter of time before the government steps in?
Bitcoin high a new high of $1,242 on Friday, before retreating to trade in the $1,180 range.
According to independent pricing site Bitcoin Average, China now accounts for 62 percent of global market volumes. The surge in demand recently led China-based BTC China to overtake Mt. Gox as the world’s the largest bitcoin exchange by volume as the bitcoin craze continues to gather pace.
“China has a culture that is already acclimated to the use of digital currency, so it’s not surprising that it has been quick to embrace bitcoin,” Patrick Murck, founder and principal of the Bitcoin Foundation, told CNBC. READ MORE: http://www.cnbc.com/id/101233864
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