Bitcoin hit record level of about $19,860 on Monday

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Bitcoin surged 9% to a new all-time high of about $19,860 on Monday, topping the previous peak of $19,783 from December 2017. Payments giants Square and PayPal both now allow their customers to buy and sell bitcoin. Money management giant Fidelity is launching a bitcoin fund for wealthy investors. Prominent investment managers Paul Tudor Jones, Stanley Druckenmiller and Mike Novogratz are also involved on bitcoin. The amount of bitcoin currently in circulation is now worth more than $365 billion.

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Bitcoin also got a recent boost after a top strategist at BlackRock, the world’s largest asset management firm, suggested that bitcoin could one day replace gold as a safe-haven currency of choice. Bitcoin will rise in value no matter who wins the US election, but Joe Biden might be more favorable for the cryptocurrency in the long term according to Jeff Dorman, chief investment officer at cryptocurrency hedge fund Arca. Dorman does not think Bitcoin is a safe-haven alternative to the US dollar, but said it could provide a hedge against inflation.