Bitcoin traded at a record high on Friday as the cryptocurrency edged towards the price of gold.

The digital currency rose as much as 4.7 per cent to $1,218.85 according to Bloomberg data, while gold is trading flat at $1,250.1851 per ounce.

The price of bitcoin last neared that of Gold in November 2013.

The price of bitcoin fell earlier this month after the People’s Bank of China summoned nine bitcoin exchanges and instructed them to follow relevant regulations prompting Chinese exchanges to halt withdrawals. Bitcoin is under scrutiny in China on fears it could be used circumvent capital controls.

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