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Bitcoin’s price vaulted to $419.99 on the Mount Gox exchange on Wednesday, touching a new record as the virtual currency continues to be buoyed by growth in China, limited supply and new investment products driving demand.
Bitcoin is a 4-year-old virtual currency that isn’t backed by a central bank and can be traded on a number of exchanges or swapped privately. A growing number of merchants also accept Bitcoin as payment for goods and services, because the transaction costs associated with the currency are generally cheaper than those with credit cards or debit cards.
Bitcoin’s price has been extremely volatile. The virtual currency started the year trading at $13.55. In April, it touched a then-record high of about $265.
