The Bitcoin craze keeps getting crazier.

Moments ago, the digital so-called crypto-currency spiked to a high of $US788. This is up 51% from its intraday low of $US519, according to Bitcoin site Mt. Gox.

Earlier today, the U.S. Senate heard testimonies on the state of digital currencies.

“Presiding Sen. Tom Carper compared the current moment in digital currencies to the early days of the Internet, and Secret Service agent Edward Lowery made an indirect analogy to attitude towards credit cards during their ’80s boom,” reported BI’s Rob Wile.

“[W]hile these types of innovations may pose risks related to law enforcement and supervisory matters, there are also areas in which they may hold long-term promise, particularly if the innovations promote a faster, more secure and more efficient payment system,” said Federal Reserve Chairman Ben Bernanke.

Check out this insane price chart from Clark Moody.

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.