BBC News

Bitcoin popularity 'boosted by euro'

You may not have heard of it, but Bitcoin is currently the best-performing currency in the world and the first to be traded online without any kind of central bank or institutional supervision.

One Bitcoin is now is currently worth more than $70 (£46). About a week ago, it was worth some $45, a record high since it was first invented in 2009.

Its value has been driven up by the debt crisis in Cyprus, where banks have been shut for more than a week. There are about 10 million Bitcoins in circulation right now and that by mid 2030 there will be about 25 million.

Bitcoin's founders say the currency will change the world. Meanwhile critics say it is being used to buy drugs online, and get rich quick.

For more on this debate and what Bitcoin means to Asian markets, the BBC spoke to Emmanuel Daniel from The Asian Banker.