Cryptocurrency now worth seven times an ounce of gold with market cap higher than IBM, McDonald’s or Disney but analysts warn of ‘a huge bubble’

Bitcoin has hit a new record high after passing $9,000 and is close to reaching five figures as investors in the cryptocurrency shrug off warnings of a bubble.

The cryptocurrency rose to a fresh all-time high of $9,700 on Monday. It is now worth more than seven times an ounce of gold, which is traditionally seen as a safe haven in times of turmoil. In a remarkable rally, bitcoin started the year at $1,000 and smashed through $5,000 in October.

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