BITCOIN surged to yet another new record high yesterday, breaking a record set during the Thanksgiving weekend stateside.

The cryptocurrency jumped to an all-time high of US$9,682.10 hours after cracking the US$9,400 level Sunday, according to industry site CoinDesk. It later pared some gains to trade at US$9,603.56 yesterday afternoon Asian time, rising some 3 percent on the day.

“The move appears to be retail driven,” said Brian Kelly, CEO of BKCM, which runs a digital assets strategy.

The largest bitcoin exchange in the United States, Coinbase, added about 100,000 accounts between Wednesday and Friday last week, just around Thursday’s Thanksgiving holiday, to a total of 13.1 million. That’s according to public data available on Coinbase’s website and historical records compiled by Alistair Milne, co-founder and chief investment officer of Altana Digital Currency Fund. Coinbase had about 4.9 million users last November, Milne’s data showed.

The surge in interest also comes on the back of CME’s announcement that it will list bitcoin futures in the second week of December. The launch of a derivatives product for the digital currency will mark another step in establishing bitcoin as a legitimate asset class.

Still, with the digital currency having risen by some 870 percent year-to-date, plenty have taken to pointing out the potential pitfalls of what they see as a price bubble.

JPMorgan Chase CEO Jamie Dimon in October warned that those “stupid” enough to buy bitcoin will ultimately “pay the price for it.”

He added that he did not comprehend the value of currencies that were not backed by a government and that “the only value of bitcoin is what the other guy’ll pay for it.”

(SD-Agencies)