Bitcoin hit a market capitalization of $1 trillion as it rose to yet another record high on Friday, countering analyst warnings that it is an "economic side show" and a poor hedge against a fall in stock prices.
The world's most popular cryptocurrency jumped to an all-time high of $56,399.99, posting a weekly gain of 14%. It has surged nearly 70% so far this month and was last up 8% at $55,664.
Bitcoin's gains have been fueled by signs it is gaining acceptance among mainstream investors and companies, from Tesla Inc. and Mastercard Inc. to BNY Mellon.