Bitcoin advocates say this time will be different as the virtual coin surges back to price levels last seen in the wake of the cryptocurrency market collapse almost three years ago.
The largest digital coin has jumped almost 30% this month and grazed $13,858 on Wednesday, its highest since January 2018. It’s been quite a ride since the bubble burst: Bitcoin’s all-time high from December 2017 was near $20,000, and it tumbled to as low as $3,136 within a year.
Proponents of digital assets say the recent rally isn’t another speculative frenzy among individual investors. They point to rising institutional interest, PayPal Holding Inc.’s decision to allow customers access to cryptocurrencies and the use of JPMorgan Chase & Co.’s JPM Coin to make a payment for the first time.