Bitcoin has hit another all-time high of more than $AUD23,000 on Friday night, up 9 percent on the day.
The cryptocurrency’s meteoric rises, up more than 1700 percent from the start of the year, have led to some experts warning that the bubble may burst soon.
Andrew Bailey, head of the Financial Conduct Authority in the UK, likened Bitcoin to gambling in a BBC interview.
“It’s not a currency, it’s actually not regulated in its bitcoin form,” Bailey said.
“It’s a very volatile commodity in terms of its pricing. If you look at what has happened this year, I would caution people.”
“If you want to invest in bitcoin be prepared to lose your money – that would be my serious warning,”
The warnings come as South Korea claims that North Korean hackers were behind attacks that stole more than $AUD9.1 million.
The value of the stolen cryptocurrency is now sitting at more than $AUD108 million.
In the attack the hackers also stole and leaked personal information from around 36,000 accounts from Bitthumb, the world’s busiest cryptocurrency exchange.
The hackers used emails containing malware in their attacks, in a method that was the same as the malware attacks that hacked Sony Pictures and the central bank of Bangladesh.