THE value of Bitcoin has skyrocketed since the cryptocurrency first launched in 2009, and has even caught the attention of some of the world's wealthiest people.
In February 2020, the value of one Bitcoin was priced at approximately $8,000, however as of 2021, the price has shot up to more than $48,000.
A list of celebrities and companies who back the cryptocurrency
Elon Musk and Tesla
Tesla owner Elon Musk has been outspoken about his support towards Bitcoin.
On January 29, Musk added "#Bitcoin" to his Twitter bio, an endorsement that sent the cryptocurrency's price 20 percent higher that day.
On February 8, Musk's electric vehicle company Tesla announced that it had bought $1.5billion worth of Bitcoin.
In the hour following the announcement, Bitcoin surged as much as 23 percent to a record $48,000.
Tesla also said it hoped to begin accepting Bitcoin as a form of payment in the near future.
The Brooklyn rapper has launched a Bitcoin development fund with Twitter CEO Jack Dorsey.
Jay-Z and Dorsey said the program will focus on the cryptocurrency's adoption in India and Africa.
The duo will invest 500 Bitcoins, which is currently worth around $24million.
Twitter and Square Inc founder, Dorsey, is a Bitcoin enthusiast and has said he believes the internet will have its own currency in the future.
Square said in October 2020, that it had bought around 4,700 Bitcoins for $50million.
In February, the Twitter CEO shared a photograph of his computer running Bitcoin node software.
Nodes are part of the cryptocurrency's infrastructure, validating transactions.
They keep a full copy of bitcoin's blockchain ledger, which records all transactions in the cryptocurrency.
He captioned the tweet, "Running #bitcoin". Dorsey even has the cryptocurrency's name on his Twitter bio.
The payment giant PayPal caused a Bitcoin surge in October 2020, when the company said customers could buy, sell and hold the cryptocurrency – as well as other virtual coins.
On February 15, PayPal announced that it's cryptocurrency services will soon be available in the United Kingdom.
The legendary hedge fund billionaire Stanley Druckenmiller announced during a television interview that he put money into Bitcoin.
In the November 2020 interview, Druckenmiller said the cryptocurrency could be "better" than gold.
"Bitcoin could be an asset class that has a lot of attraction as a store of value to both millennials and the new West Coast money and, as you know, they got a lot of it," Druckenmiller told CNBC at the time.
"It’s been around for 13 years and with each passing day it picks up more of its stabilization as a brand."
"Frankly, if the gold bet works the bitcoin bet will probably work better because it’s thinner, more illiquid and has a lot more beta to it," he added.
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