Bitcoin Hits $7,000

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San Diego, California, Nov 16th 2015: The bit coin was invented by Satoshi Nakamoto in 2008 as a digital form of money but no one truly knows who Satoshi Nakamoto is. Transactions are done through peer to peer networks without the need of a bank making it the first decentralized digital currency. This is a close up photo of several gold plated bitcoins together symbolizing the bit coin market, modern technology, finance, internet, trading, etc.

Digital currency Bitcoin has skyrocketed another step higher on Thursday, rising above $7,000 for the first time after more than tenfold increase in its value over the past year.

Bitcoin has seen eye-watering gains in recent months, having more than doubled in value in the past seven weeks only. It is on track for a fifth consecutive quarter of increases — a run not seen since 2012-2013, when it was approaching $100 for the first time.

It hit as high as $7,354.10 on the Luxembourg-based Bitstamp exchange on Thursday BTC=BTSP, before settling back to $7,030 by 16:30 GMT, still up over 4 percent on the day.

Credit Suisse (CSGN.S) Chief Executive Tidjane Thiam expressed caution about the booming cryptocurrency, saying the current interest in it could eventually subside.

“From what we can identify, the only reason today to buy or sell bitcoin is to make money, which is the very definition of speculation and the very definition of a bubble,” he said on Thursday.

The latest rally was driven in large part by news earlier this week that the world’s largest derivatives exchange operator CME Group (CME.O) is to launch bitcoin futures.

“The move by such a well-known, established exchange throws open the doors for institutions to get into bitcoin,” said analyst Arnaud Masset at Swissquote, a brokerage that offers bitcoin trading to retail clients.