Bitcoin has surged to a record high amid rising interest from investors and claims that the volatile cryptocurrency is on the way to becoming a mainstream payment method across the world.

On Sunday, it hit a new high of more than $34,800, on the 12th anniversary of the bitcoin network being created.

Even though crypto traders world over are cashing in on this development, those in Ghana have their hands tied over stringent warning from the Bank of Ghana which insists the trade in cryptocurrency is not licensed or regulated.

“While the Bank of Ghana acknowledges the enormous potential in the block chain technology and how that can significantly transform the payments system landscape and promote financial inclusion, we are assessing with stakeholders and other international partners how the subsequent use of the block chain technology into digital currencies would fit into the global financial and payments architecture,” a statement issued by the Bank revealed.

Speaking to Charles Ayitey on the Market Place, President and Founder of iSolve Africa, Henry Kobblah, regarded that Ghanaian traders are now exploring international territories to operate.

“It’s illegal to trade Bitcoin but globally, people are using it in trading. For the currency to spike to that high, it is really cashing in for investors. Definitely, the BoG is doing what it wants to do. Globally, it’s a currency that you can’t control people from having hold to it and trading with it.”

Bitcoin’s rapid climb also brings back memories of previous crashes. During 2017, it leapt from about $1,000 to peak over $19,000, before tumbling to below $4,000 by the end of 2018.

There is currently a Settlements and Payments bill before Parliament which will cater for the use of cryptocurrencies in the future. Demand for Cryptocurrencies have spiked, with dealers and buyers now operating a black market regime.

But this latest rally comes as some financial institutions show growing interest in bitcoin as an asset class, and as its supporters argue that it is supplanting gold as a store of value.