Bitcoin reaches all-time high of $402

Virtual currency Bitcoin has climbed to an all-time high of $402 (£252) on the Mt. Gox exchange. Much of the recent surge has been attributed to Chinese demand where BTC China, the leading Chinese Bitcoin exchange, surpassed Japan-based Mt. Gox.

On Tuesday Cameron and Tyler Winklevoss (pictured), who famously sued Mark Zuckerberg over the origins of Facebook, said that Bitcoin could reach a capitalisation of $400bn. In an interview at the DealBook conference, Tyler Winklevoss said "The small bull case scenario is a $400 billion market cap. So the market cap is around $4 billion right now."

The twins have invested in Bitcoin and described the cryptocurrency as as "gold 2.0."

However, gold enthusiast and CEO of Euro Pacifc Capital, Peter Schiff, described the rise in Bitcoin as a "modern day tulip mania" and said that Bitcoin is not appropriate alternative to gold.