Bitcoin tops $40,000 as investors seek hedge against inflation

Cryptocurrency doubles value in less than a month as supporters say asset is starting to supplant gold

Bitcoin has surged above the $40,000 (£29,500) mark for the first time in its history after doubling its value in less than a month.

The record comes just days after the cryptocurrency hit an all-time high of more than $34,800 on Sunday, which was also the 12th anniversary of the bitcoin network being created. Bitcoin first breached the $20,000 mark in mid-December.

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