On Thursday, Bitcoin surged past $55,000 USD, marking a monthly high for the cryptocurrency, which reached $58,000 in February.
With the recent purchase of $1.5 billion USD of Bitcoin by Tesla's Elon Musk, the cryptocurrency is being eyed not only by individual investors but also by large scale institutional investors eager to capitalize on the growing digital currency market.
Investment firms such as JPMorgan Chase, the largest American bank, are getting into the action, with JPMorgan announcing it will issue a debt instrument linked to corporations focused on cryptocurrencies.
The new American coronavirus stimulus package, with its $1,400 stimulus checks, is expected to add a needed boost to financial markets, which will likely see Bitcoin rallying to further highs.
Bitcoin, initially introduced in 2009, has risen from its original price of $0.08 USD to its current value, far outpacing most other resources.