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Guide: What is Bitcoin and how does it work?
5 Feb 20215 February 2021
Last updated at 15:27
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When the richest person in the world gives his support to a virtual currency you know it s big business.
Elon Musk has told users of an online social media app that he thinks the virtual currency, Bitcoin, is a good thing.
His comments resulted in the value of Bitcoin rising significantly.
So much so, that a singular Bitcoin went from being worth £3,600 in March last year to more than £27,000 now.
As talk of the currency has gone global, the Bank of Singapore has suggested that the 12-year-old currency could replace gold as its store of value.