Bitcoin prices have soared by about 90% this year, returning to a nearly three-year high

On November 2, according to foreign media reports, the price of Bitcoin has soared by about 90% this year, returning to its highest point in nearly three years.

The price of Bitcoin has recently reached as high as $13,848, the highest level since January 2018.

Bitcoin price (Image from cryptocurrency industry website Coinmarketcap)

As shown in the figure, data from the digital currency industry website Coinmarketcap shows that the current price of Bitcoin is approximately US$13,687.7 and its market value is approximately US$253.5 billion.

Foreign media said that many investors believe that the renewed surge in interest in Bitcoin is related to the digital currency's potential to serve as an inflation hedge.

Last month, payment platform PayPal also announced the launch of its own digital currency service, allowing people to buy, hold and sell digital currencies on its website and applications. Digital currencies have entered the mainstream vision.

Bitcoin is a cryptocurrency that uses blockchain as a payment system. Invented and created by Satoshi Nakamoto in 2009, it is based on a borderless peer-to-peer network and consensus-driven open source software. Through encrypted digital signatures, it can solve the problems of multiple payments with one coin and transaction security without going through any third-party credit institutions. The supply of Bitcoin is limited to 21 million, a number that is expected to be reached around 2140.

The smallest unit of Bitcoin is the "Satoshi," named after the rumored Bitcoin developer Satoshi Nakamoto. A Satoshi is equivalent to one-hundred-millionth of a Bitcoin.