Bitcoin was last up 2% on the Luxembourg-based Bitstamp exchange. Photo: BloombergMumbai: The Reserve Bank of India (RBI) on Tuesday reiterated its concerns about Bitcoins, amid the cryptocurrency hit a record high of 11,850 on Tuesday, stoking fears that a rapidly swelling bubble could burst in a spectacular fashion. Bitcoin powered to a record high of $11,850 today, continuing its surge from below $1,000 at the start of the year. The cryptocurrency was last up 2% on the Luxembourg-based Bitstamp exchange. The RBI had previously said those trading in virtual currencies were doing so at their own risk, given that the central bank has not given a licence or authorisation for any company to deal in such cryptocurrencies.

Source: Mint December 05, 2017 13:52 UTC