Bloomberg today issued a statement saying that Bitcoin has soared to its highest level in a year, continuing the trend that prices have more than doubled since March. On Monday, the largest cryptocurrency bitcoin rose 10% from last Friday night, and as of 9:25, Bitcoin was trading at $8,847. As mainstream companies become more interested in encryption technology, encryption supporters are encouraged. Bitcoin fell more than 70% last year, and this year Bitcoin finally ushered in an astonishing rise. The bullish bet is likely to continue as more and more institutions begin to build their own cryptocurrencies or use basic blockchain technology to launch projects. David Tawil, president of the encryption hedge fund ProChain Capital, said: "A slap in the face does not sound. The more businesses that accept encryption, the more people will be encouraged to adopt and use encryption technology."