The cryptocurrency is now worth a staggering $730 billion.
Bitcoin (BTC) bulls are having a feast.
The popular cryptocurrency surged again to hit another all-time high of more than $40,000 on Thursday, pushing all bitcoins’ total value to over $700 billion. There were additional gains of a 30% increase in 2021 and a nearly 400% rise over the past year.
A surge of institutional capital and new retail offerings have contributed to Bitcoin’s rise.
MicroStrategy (NASDAQ: MSTR) began using bitcoin as its primary treasury reserve asset in August. The business intelligence company has since purchased more than 70,000 bitcoins, a stake currently estimated at over $2.7 billion.
Square (NYSE: SQ) has also invested in bitcoin, though on a smaller scale. The fintech leader purchased $50 million of bitcoin in October, which has grown to more than $180 million. Square has also given users of its popular Cash App the ability to buy and sell cryptocurrency. Its bitcoin-related revenue and gross profit rose by 11 times and 15 times, to $1.63 billion and $32 million, respectively, in the third quarter.
PayPal (NASDAQ: PYPL) has likewise entered the crypto arena. The digital payments giant gave its more than 360 million users the ability to buy and sell cryptocurrency in October. It also plans to allow its users to make purchases with bitcoin and other digital currencies at its 26 million merchant sites in early 2021.
Bitcoin (BTC) bulls, in turn, may see more earnings ahead. JPMorgan’s analysts said on Tuesday the price of a single bitcoin could rise as high as $146,000 in the coming years as more people begin to embrace the cryptocurrency as a digital store of value akin to gold.
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