World's largest cryptocurrency Bitcoin soars above $12,000

There seems to be no stopping for the world's largest cryptocurrency, by market value, Bitcoin. It has now surpassed $12,000 and hit a new all-time high. It is surprising to see the surge in its value from $1,000 at the start of the year to $12000 at the end.

According to CoinDesk's Bitcoin Price Index (BPI), the price of the world's largest cryptocurrency by market value was trading at $12,201.67 at press time. However, the meteoric rise of Bitcoin has been compared with 'the dotcom bubble' by many.

While, yesterday Reserve Bank of India (RBI) warned investors against betting on bitcoin and other cryptocurrencies. Similar warning was issued by China's central back over the weekend, they have already shut down bitcoin exchanges and banned initial coin offerings in September.

RBI press release clearly stated Indians to avoid any such investments, "... cautioning users, holders and traders of virtual currencies (VCs), including Bitcoins regarding the potential economic, financial, operational, legal, customer protection, and security-related risks associated in dealing with such VCs."

Constant measures have been taken in Asian countries to curb the use of cryptocurrencies. The central banks of Indonesia and Bangladesh have even barred the use of bitcoin as a payment too. In the wake of the bullish Bitcoin market one doesn't know when the bubble will burst.