>> The value of Bitcoin breaking out to a record high Wednesday, the crypto currency soaring to $1,485, the richest price since launching about nine years ago. A resurgence in Bitcoin demand has been so strong, values have tripled over the past 12 months. The recent upswing, led by Japan, with the digital currency is now considered a legal form of payment.
Hopes of a regulatory win in, In the US, also fueling bitcoins rapid rise. Investors have asked the Securities and Exchange Commission to rethink an earlier decision blocking an exchange traded fund tracking the value of bitcoins. Even though Bitcoins have yet to reach mainstream status, the total market value of all the Bitcoins out there is now worth close to $25 billion.
To put that into perspective, that's just about the same market cap as a global powerhouse like Yum Brands, which boasts KFC, Pizza Hut and Taco Bell all over the world. But Bitcoin buyers beware. In its short history, there's already been a major run-up in price, followed by a tremendous drop which took years to recover from.