Bitcoin breaks through the $1,000 barrier

Bitcoin, the internet currency that has surged in popularity this year, has broken through the $1,000 barrier for the first time, marking a fivefold increase since the start of the month.
Based on trading on the Mt Gox exchange, Bitcoin rose from around $960 at midday on Wednesday to a high of $1,030 as of 15.15.

This comes despite concerns about its security and volatility, although Bitcoin has lost some of its stigma following the closure of the Silk Road, the online drugs marketplace that used it as a currency.
Last week, the currency jumped in value after US senators heard that Bitcoin is "a legal means of exchange".
“We all recognize that virtual currencies, in and of themselves, are not illegal,” Mythili Raman, acting assistant attorney general at the Justice Department’s criminal division, said at the hearing.
Supporters of Bitcoin point to the fact that it is not controlled by a central bank and has a limited supply, unlike traditional currencies whose value has been diluted by quantitative easing.
It surged in popularity in April as Cyprus's banks teeteered on the brink of collapse, with some pinning the rise in Bitcoin's value on investors looking for a safer place to put funds.