The digital currency has passed the $800 value for the first time since February 2014.

Bitcoin crossed the threshold around 11:40pm GMT and is currently trading around $815.



Charles Hayter, chief executive and founder of digital currency comparison website CryptoCompare, described the move as breaking a "definite psychological barrier."

Bitcoin has been steadily rising in recent months, bolstered by investors looking for safe havens following dramatic political shifts in the world economy. Bitcoin is a very volatile asset, but is generally not correlated with other markets, making it a useful place to invest when other assets fall in value.



"The rally is difficult to pin down as there are a number of contributing factors that include the global economic and political shifts underway with (President-elect Donald) Trump and the Eurozone with Bitcoin becoming a digital hedge and flight to safety," Hayter told CNBC via email.