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(Reuters) – Bitcoin, the world’s first and most famous cryptocurrency, has hit record highs as it gains legitimacy as an asset.
Much of these gains have been fueled by interest from major US institutions.
Here are some steps from the big corporations, big investors, banks and payment processors who have brought bitcoin closer to the mainstream in recent months:
INVESTMENT
May 2020:
* Fund manager Paul Tudor Jones advocates bitcoin as a store of value.
August 2020:
* MicroStrategy, an enterprise software company led by Michael Saylor, announces the purchase of 21,454 bitcoins for $ 250 million, the first of several cryptocurrency investments.
November 2020:
* Billionaire investor Stanley Druckenmiller and BlackRock fixed income chief Rick Rieder are giving positive public comments on bitcoin as an alternative to gold.
January 2021:
* Investment bank JPMorgan Chase & Co says bitcoin could reach $ 146,000 if it becomes an established safe haven.
* Weekly flows in crypto funds and products hit a record high of $ 1.3 billion and total investment hits a new high of $ 34.4 billion, according to asset manager CoinShares.
February 2021:
* Carmaker Tesla Inc announces that it has purchased $ 1.5 billion in bitcoin and says it will soon accept cryptocurrency as payment for its vehicles.
* Bitcoin owners now include insurer MassMutual, 169, asset manager Galaxy Digital Holdings, Twitter CEO Jack Dorsey’s payment company, Square, Canadian software company Snapper, and coin miners Marathon and Argo.
ACCEPTANCE
July 2020:
* U.S. banking regulator, Office of the Comptroller of the Currency, says national banks and federal savings associations can provide cryptocurrency custody services
October 2020:
* The PayPal payment processor allows customers to keep bitcoin in their digital wallets and use them to shop at the 26 million merchants in its network.
February 2021:
* Mastercard discloses its intention to support cryptocurrency payments on its network.
* BNY Mellon announces new unit to help clients trade and own cryptocurrencies and other digital assets.
* Toronto-based asset manager Purpose Investments launches the world’s first Bitcoin exchange-traded fund.
* The parent company of Japan’s largest online brokerage, SBI, has announced plans to form a crypto joint venture with foreign financial firms.
Reporting by Tom Westbrook; Editing by Vidya Ranganathan and Sriraj Kalluvila
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