The price of the digital currency bitcoin soared above $1,000 for the first time on Wednesday, extending a surge this month after a U.S. Senate hearing on virtual currencies. At the beginning of the month, bitcoin, the prominent digital currency that is not backed by a government or central bank, traded at around $215. Bitcoin advocates say last week's Senate hearing gave more legitimacy to the digital currency, which has been gaining acceptance by the general public and investment community but has yet to become an accepted form of payment on the websites of major retailers such as Amazon.com. But government officials expressed concerns that many virtual currency services do not have the proper controls in place to prevent illegal activities such as money laundering.
via Business News - Yahoo Finance http://finance.yahoo.com/news/bitcoin-surpasses-1-000-first-171730281.html
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