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Bitcoin breaks $1,000 barrier

The value of a single bitcoin has surpassed the $1,000 mark for the first time since its creation.

The value of the currency has been rising rapidly in recent weeks, as governments around the world have described it as a legitimate financial service.

According to Mt.Gox, the currency's main exchange, said the price for a single bitcoin has almost quadrupled since its previous record high of $267 just under three weeks ago.

Despite several high profile scandals, the currency has continued to increase in value and enthusiasts have said it provides a highly-efficient way of handling global money transfers.

Many supporters say that the digital currency can be bought with near anonymity, which reduces the risk of fraud and increases privacy.

The growth of bitcoins as a usable currency is set to increase, as the world’s first bitcoin ATM, dubbed Robocoin, was recently launched in a Vancouver coffee shop.

The blue and silver ATM machine changes bitcoins to Canadian dollars and vice versa.

By Claire Archer