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According to the CBRT, the decision was motivated by bitcoin's lack of centralisation and regulation - a key feature of the digital currency.
Veteran crypto adopters, however, are likely to be unfazed by the decision even if short-term investors are deterred.
And after prices shot past the £46,600 ($64,000) mark on Wednesday, April 14, many are now left wondering whether the token can still go from strength to strength.
According to Pankaj Balani, the CEO of Delta Exchange, there is some possibility of the token rising even higher as we go into the summer.