A new wave of institutional interest has boosted bitcoin. Here are the key players getting involved, from JPMorgan to PayPal.

A new wave of institutional interest has boosted bitcoin. Here are the key players getting involved, from JPMorgan to PayPal.

Bitcoin regained its composure this week to jump to a record high above $60,000, with many analysts pointing to a new wave of institutional interest as the driver.

Goldman Sachs restarting its crypto desk, JPMorgan launching a "crypto exposure" product, and crypto firm NYDIG raising money from Morgan Stanley and others are the latest signs of growing interest in bitcoin.

Skeptics argue that bitcoin is too volatile for investors to start buying in any meaningful quantities and has next to no use value, putting it in line for another collapse.

But a rising number of firms are testing the crypto-waters. Bitcoin enthusiasts argue that "this time is different" for the world's biggest cryptocurrency, because big-name firms are supporting the price and lending legitimacy to the project.

Here's a rundown of some of the major players taking steps towards bitcoin.

12 March: MicroStrategy buys another $15 million

Michael Saylor's business intelligence firm MicroStrategy bought another $15 million worth of bitcoin, it said on Friday. It brought the company's total holdings to 91,326 units, worth around $5.3 billion on 12 March.

Saylor has long advocated companies investing their cash in the cryptocurrency, and first bought bitcoin in August 2020.

9 March: JPMorgan launches 'crypto exposure' product

An SEC filing on Tuesday