The Bitcoin price has continued its recovery and this morning reached a one-month high of US$4,602.
This means the cryptocurrency is rapidly closing in on its all-time high of US$5,013.91 which it set at the start of September.
Will it climb to a new all-time high?
It certainly has been an impressive turnaround for Bitcoin and I wouldn't be surprised to see it break through the US$5,000 mark again.
Just a few weeks ago Chinese regulators looked as though they had put an end to its rise when they banned initial coin offerings and shut down China-based Bitcoin exchanges.
As a good portion of Bitcoin's rise had be attributed to Chinese speculators, the move was expected to be the downfall of the cryptocurrency.
But as it turns out, this has proven to be only a temporary blip and it has rebounded surprisingly strongly.
There is also speculation that the ban could just be temporary. Forbes recently reported that regulators may have taken the move to appease international agencies and communist members ahead of its upcoming Communist Party convention. It expects the ban to fade soon after.
Should this happen then it is not at all hard to imagine the buzz around Bitcoin returning.
But what is it worth?
That is the million dollar question and a big reason why I doubt I'll be investing in it.
Although I do see positives in owning Bitcoin such as portfolio diversification and its rapid adoption as a risk asset, I like to invest in assets that I believe to be undervalued or at least fair value.
This simply isn't possible to know with Bitcoin. So I think I'll stick to quality tech shares like Altium Limited (ASX: ALU) instead.
