As the cryptocurrency recovers from a long downturn, the price of Bitcoin has gone beyond $50,000 for the first time in three months.
After a crackdown in China and Tesla’s decision not to take bitcoin as payment, the price of bitcoin plummeted in May.
Bitcoin has increased by 81 percent since January when it was only $27,700.
PayPal announced that customers in the United Kingdom would be able to buy, sell, and hold Bitcoin and other digital currencies as it extends its crypto services outside of the United States.
Square also said that it has purchased 3,318 bitcoins for an average price of $51,235. Bitcoin now accounts for around 5% of the fintech company’s total assets, according to Twitter CEO Jack Dorsey.
Square has previously dabbled in bitcoin, having purchased $50 million worth of the digital currency last year. Dorsey is one of bitcoin’s most well-known proponents, having previously stated that he expects bitcoin would one day become the internet’s “one currency.”
Other cryptocurrencies saw a boost as well, with Ethereum and Ripple rising approximately 11% and 4%, accordingly.