Even teenagers are being drawn to bitcoin. ITE College West students Sheares Ang and Leong Ting Cong are each investing $100 in it.
"We weren't sure at first if bitcoin was a scam. But now we believe it will continue to rise because it is used globally and supported by many users. A lot of Internet shops accept bitcoin as payment. As Singapore turns cashless, it may be handy to keep some cryptocurrency," said Ting Cong, 17.
The two students had noted some weeks back that the price of bitcoin was surging, but moved only last week when it surged past US$16,000 (S$21,600).
They aren't worried that experts feel it is a bubble. "We are prepared to lose the $100. If we lose the money, it will just be a lesson," said Sheares, also 17.
"But if the investment makes profit, then it's worth a shot to put in more cash. We are hoping it will reach US$25,000. But we will need to ask our parents, because we are still underage."