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The Citibank report, which described Bitcoin as "21st century gold", was leaked on Twitter , accompanied with the words, "Target: Moon". Mr Fitzpatrick guided his Wall Street investment clients to a chart which showed three Bitcoin bull runs over the last decade. Explained: What is Bitcoin?
Bitcoin is a form of online cryptocurrency that allows money to be transferred electronically. It's decentralised, which means no-one regulates or controls it except for market demand. It was created by a group or a single person of programmers under the pseudonym "Satoshi Nakamoto" in Bitcoins are "mined" by computers that solve incredibly complex mathematical equations.
Like coal or oil, there is a limited number of Bitcoins available to be mined, estimated to be in the ballpark of 21 million.
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