The Bitcoin price continued its recovery overnight and climbed 8% to reach a two-week high of US$4,205.09, according to CoinDesk.
This recent gain means the cryptocurrency now has a market cap of US$69.7 billion (A$88.7 billion), making it worth more than Australia and New Zealand Banking Group (ASX: ANZ).
Why did it climb higher overnight?
As well as shaking off concerns over the Chinese crackdown on cryptocurrencies, Bitcoin was given a boost on Wednesday by Morgan Stanley Chief Executive Officer James Gorman.
Mr Gorman has taken an opposing view to crosstown rival Jamie Dimon from JPMorgan, who recently labelled Bitcoin has a fraud, by describing it as more than just a fad.
According to Bloomberg, the Morgan Stanley executive believes that anonymous currency is an interesting concept because of the privacy protections that it gives to users.
Although Mr Gorman has not invested in it himself and believes it to be highly speculative, he doesn't think it is anything inherently bad.
Should you invest in Bitcoin?
While I do think that there are reasonable arguments for Bitcoin's inclusion in a balanced portfolio, I won't be adding it into mine any time soon.
Until there is a sound way of valuing the cryptocurrency, I plan to stick to the quality shares on offer on the Australian share market.
