Bitcoin hit a new all-time high of $51,300 on Wednesday and has risen 900% since March last year.
The digital asset is increasingly gaining attention, especially after Elon Musk bought $1.5 billion worth of bitcoin, which triggered a 20 percent rise in the cryptocurrency on the day it went public.
Tesla also said it hopes to start accepting bitcoin as a form of payment soon.
Several celebrities also showed support for bitcoin.
Twitter's co-founder and CEO, Jack Dorsey, is a bitcoin enthusiast and believes that the internet will eventually have its own currency. His company, Square In, bought about 4,709 BTC at an aggregate purchase price of $50 million. Twitter said in February that it was considering storing bitcoins, but has yet to make a decision.
American hip-hop star Jay-Z has launched a bitcoin development fund with Jack Dorsey, focusing on its implementation in India and Africa.
Jay-Z and Dorsey are investing 500 BTC in the project, which currently amounts to $24.5 million.
The Winklevoss twins Tyler and Cameron, best known for their lawsuit against Mark Zuckerberg over the founding of Facebook, were the first bitcoin investors. They first invested in cryptocurrency in 2012, and three years later created the exchange platform Gemini.
Billionaire investor Stanley Druckenmiller said in a television interview back in November 2020 that he invested in bitcoin. And he believes that bitcoin can surpass gold as a store of value.
The payment giant PayPal caused a surge in October 2020 when it announced that customers can buy, sell, and store bitcoins using its online wallets.
Miami Mayor Francis Suarez has proposed paying workers and collecting taxes in bitcoin. He wants Miami workers to be able to receive all or part of their salary in cryptocurrency.
Anthony Scaramucci, an investment manager who briefly served in the White House as head of Donald Trump's communications department, set up a Bitcoin fund earlier this year.
Based on data collected by Bloomberg, there is speculation that the cryptocurrency rally is not yet expected to end.
Meanwhile, strategists at JPMorgan Chase & Co. suggest that Bitcoin's volatility will still decrease to prevent a decline in its growth. Otherwise, it could end in a crash similar to the explosion in 2017.
