Since this time last week the Bitcoin price has defied China's crackdown and climbed almost 12% higher.
At the time of writing the Bitcoin price is US$4,400, according to CoinDesk.
Should you invest?
When I wrote about Bitcoin around a month ago, I discussed the pros and cons of investing in the cryptocurrency.
One of the major cons I wrote about was the crackdown in China. As Chinese traders make up a significant amount of Bitcoin's daily volume, I felt it was likely the cryptocurrency could tumble sharply if Chinese regulators tried to outlaw it.
Whilst the Chinese government haven't quite gone as far as that, banning ICOs and shutting down Bitcoin exchanges was still a significant move and unsurprisingly sent the Bitcoin price down below US$3,000.
But it hasn't been enough to stop Bitcoin in its tracks. Although it has yet to recover in full, it certainly looks like it's on its way back to US$5,000 again regardless of events in China.
So with this con proving to be a relatively small hurdle for Bitcoin to jump, is it time to snap up the cryptocurrency?
Maybe. I'm still not overly convinced that Bitcoin is a legitimate financial asset, but it's hard to argue against the previously discussed portfolio diversification it brings and its new status as a safe haven asset.
As I said last time, I'm still sitting on the fence with this one and don't plan to invest at this stage. But investors that do decide to grab hold of some Bitcoin, consider at least restricting any investment to just a very small part of your overall portfolio.
