
The largest cryptocurrency surged as much as 14percent from Friday’s close and traded at $11809 at 10.35am in New York, according to consolidated Bloomberg pricing.
The Bloomberg Galaxy Crypto Index tracking a basket of cryptocurrencies jumped 8.6percent, as rival digital coins including Ether and Litecoin also rallied.
“With the turmoil in markets and the streets, suddenly digital gold doesn’t seem like such a bad idea,” Jehan Chu, managing partner at blockchain investment and advisory firm Kenetic Capital, said from Hong Kong, where massive public protests continue.
“Bitcoin is increasingly seen not only as a bet on the future, but as a shelter for the present.”