$5419: Bitcoin Price Goes Meteoric After Hitting All-Time High

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Traders also seemed to shrug off negative news from Russian Federation, where that "buyers of cryptocurrencies could be involved in unlawful activities".

Bitcoin smashed through the US$5000 (NZ$7000) barrier for the first time, jumping as much as 8 percent on the day as investors shrugged off the latest warnings on the risks of buying into the booming cryptocurrency market.

Most merchants that accept crypt coins as a mode of payment prefer Bitcoins over other cryptocurrencies.

Bitcoin, the biggest and best-known cryptocurrency, has chalked up a more than fivefold increase in price this year.

It's the first time the cryptocurrency has confidently shot past $5,000.

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Bitcoin has an intraday high of $5280 and ended yesterday at $5226.

The news come a month after China clamped down on bitcoin-related activity, ordering domestic bitcoin exchanges to cease operations. Majority of cryptocurrency transactions occur in the Bitcoin network.

Professor of economics and public policy at Harvard University, Kenneth Rogoff, expects the price of Bitcoin to collapse.

Bitcoin, a virtual currency created from computer code, was worth only a few U.S. cents was launched in 2009 by someone using the Japanese-sounding name Satoshi Nakamoto.

"It is folly to think that bitcoin will ever be allowed to supplant central-bank-issued money", he wrote in The Guardian.

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