Bitcoin starts the new year by being traded for over $1,000 each. The value of the digital currency has not been this high in three years, reports Reuters.

A year ago, the value of a bitcoin was $434.

In 2013, bitcoin was traded for the first time for over 1,000 dollars a piece, but after the digital market place Mt. Gox was hacked the same year, the value plummeted to below $ 400 in a few weeks.

Bitcoin is used to move money across the globe quickly and anonymously and does not fall under the purview of any authority, making it attractive to those wanting to get around capital controls.

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