Bitcoin value surges to a new record above $2,500

The value of digital currency was up to a new record as it crossed the $2,500 level, representing a doubling and more of its value this year.

Bitcoin was up 10 per cent yesterday to its record high of $2,537.16, according to CNBC.

In five days, Bitcoin was up a little over 40 per cent and has jumped 88 per cent so far this month. On 30 April, the value of the currency stood at $1,348.65.

Bitcoin has been regularly breaking its own records over the last week, and saw its seventh anniversary for the first recorded Bitcoin transaction. The recent Bitcoin surge was also tied to Japan and China treating the currency with more legitimacy. At the start of April, Japan introduced rules that presented Bitcoin as an actual currency and it has seen a steady increase since then.

Meanwhile, Australia has officially confirmed it would treat Bitcoin ''just like money'' from this year and it will no longer be subject to double taxation.

In its budget summary for 2017-18, the government stated that under its plan to ''make it easier'' for digital currency businesses to operate in the country, it will ensure that nowhere in the supply chain was general sales tax (GST) paid more than once.

''The government will make it easier for new innovative digital currency businesses to operate in Australia,'' the summary reads.

''From 1 July 2017, purchases of digital currency will no longer be subject to the GST, allowing digital currencies to be treated just like money for GST purposes. Currently, consumers who use digital currencies can effectively bear GST twice: once on the purchase of the digital currency and once again on its use in exchange for other goods and services subject to the GST.''

Australia's relationship with the cryptocurrency has been marked by regulation troubles until recently. The decision to allow double taxation saw several well-known operators quit the country back in 2014.