Bitcoin soars to all-time peak just shy of $112,000

NEW YORK, July 9 (Reuters) - Bitcoin climbed to an all-time high near $112,000 late on Wednesday, bolstered by an increased risk appetite and persistent institutional demand as traditional financial market players embraced the world's largest cryptocurrency.

It touched a record peak of $111,988.90 and was last up 0.4% at $111,259. Since the beginning of the year, bitcoin has advanced more than 18%.

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"Bitcoin is the only asset I am aware of where it becomes less risky as it grows in size," wrote Anthony Pompliano, founder and CEO of Professional Capital Management in a letter to investors on Wednesday.