Having broken through the $50,000 level last week the cryptocurrency has extended its rally this year.
Read moreBy Justin Harper
Business reporter, BBC News
By Justin Harper
Business reporter, BBC News
Jack Dorsey, the co-founder of social media platform Twitter, has announced he and US rapper-turned-businessman Jay-Z are investing a chunk of their own money into bitcoin development in Africa and India.
Mr Dorsey says they are putting a total of 500 bitcoin, worth around $23.6m (£17m), into the endowment fund called ₿trust.
According to news site Quartz, Nigeria is second only to the US when it comes to the amount of bitcoin traded over the past five years.
The BBC's Catherine Byuaruhanga says that in Africa's commercial hubs like Lagos, Nairobi and Johannesburg, a growing number of people are finding that cryptocurrencies offer a cheaper solution to the expensive problem of transferring funds across borders.
However, Nigeria's Central Bank is worried about their rise, and last week ordered banks to close the accounts of anyone associated with trading cryptocurrencies.
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A man has been arrested on suspicion of fraud and money laundering as part of a police probe into an international operation of fraudulent offers of drone light shows.
Nottinghamshire Police said the force made its first-ever seizure of cryptocurrency - a digital form of money traded online and exchanged in a similar way to traditional units of currency - worth about £78,000 after executing a warrant on 7 December.
A spokesman said police also secured a restraint order at Nottingham Crown Court to freeze £500,000 worth of assets while the investigation continues.
The 49-year-old man, who was arrested in Huthwaite, has been bailed.
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