Bitcoin Hits $20,000 Value as Institutional Investors Jump In

Bitcoin (BTC) broke the price threshold of $20,000 in Wednesday morning trading, another record high set in a nascent bull run fueled by adoption from institutional investors.

According to CoinDesk, the digital currency sold for more than $20,000 for the first time ever during the 8:00 AM EST hour, peaking at a price of $20,696 shortly after 9.

Bitcoin’s latest growth cycle has grown in part from high-dollar purchases by companies such as PayPal, Square, and investment firms like Grayscale. Most recently, Michael Saylor’s company MicroStrategy announced it had raised $650 million to purchase more BTC than the more than 40,000 it already owned. And just last week, Massachusetts Mutual Life Insurance Co. (MassMutual) announced it had acquired $100 million worth of Bitcoin.

Update: Shortly before noon EST, Bitcoin prices hit another all-time high — $20,872, according to CoinDesk.