Investing.com - Web-based digital currency bitcoin hit its highest levels since January 2014 on Thursday, extending its recent rally.
Bitcoin (BTC-eUSD) was trading as high as $875 on the New York-based itBit exchange, before falling back to $870, up more than 4% on the day and nearly doubling its level from the start of 2016.
The digital currency is up almost 18% so far this month amid heavy buying from India and China, as investors look to shield themselves from currency devaluations and cash shortages.
U.S. and European buyers also accounted for the bulk of trading volume, as traders look for safe havens following dramatic political shifts in the world economy.
Bitcoin is digital cash and is not backed by a government or central bank to regulate or issue it. It can be used to purchase goods and services from stores and online retailers.