Bitcoin surges above $14,000 to new high

London: Bitcoin crossed $14,000 on Thursday, surging $2,000 in less than 24 hours, a new record high for the cryptocurrency.

Bitcoin began the year below $1,000 but continues its sharp rise despite warnings of a dangerous bubble, reports the BBC.

It hit the latest milestone during early trading in Asia, according to the website Coindesk.com.

The new record high comes just days before the launch of bitcoin futures on two exchanges, including the world`s largest futures exchange, CME.

Spread betting firm CMC Markets said the rise had all the symptoms of a bubble market, warning "there is no way to know when the bubble will burst".

Bitcoins are created through a complex computer process known as mining, and then monitored by a network of computers across the world.

A steady stream of about 3,600 new bitcoins are created a day - with about 16.5 million now in circulation from a maximum limit of 21 million.