>> Bitcoin surging to it's highest price ever Wednesday, to just shy of $8,000, after online reports that an upgrade to the crypto currency's software had been called off. The upgrade which was planned for next Thursday would have changed Bitcoins' rules with a so-called fork. Reuters correspondent Gertrude Chavez explains.
>> Segwit2x is an upgrade to the Bitcoin software that will essentially separate it from the old and the new codes. That's why there's a fork. And because there's a fork, the possibilities we could create two different currencies that will allow the network to process more transactions. A lot of people don't like it because you're essentially changing the protocol of Bitcoin, the very nature of Bitcoin, and it leaves Bitcoin to the hands of the investors and the developers who are in control.
So there was a statement from the developers of Bitcoin, led by the CEO of BitGo, saying that they wanna call it off because this supposed upgrade to the Bitcoin software could divide the community, and he doesn't want that to happen.>> A manager at the Altana Digital Currency Fund tweeting, quote, The 2x fork is dead, Long live #bitcoin.
Soon after the news that the upgrade was suspended, the Bitcoin popped 10% to roughly $7,900. It was worth just over $700 on the same day last year.