Bitcoin has been supported by recommendations from Paul Tudor Jones and Stan Druckermiller in the past few months.

Bitcoin hit a new record on Sunday, rising above $ 49,000 for the first time.

The world’s largest cryptocurrency hit around $ 49,344 earlier in the day and stood at $ 49,202 in London at 10:20 a.m.

This year it’s now up about 70%. Rival cryptocurrency ether set a record on Saturday and is up about 150% since the start of the year.

Bitcoin has been supported by recommendations from Paul Tudor Jones and Stan Druckermiller in the past few months.

Bloomberg previously reported that Morgan Stanley may be betting on Bitcoin in its $ 150 billion investment arm after it was announced late last week that BNY Mellon plans to serve cryptocurrencies for its customers. And that’s after Tesla Inc invested about $ 1.5 billion in Bitcoin. However, skeptics warn that the asset class may be in a bubble.

“With every major announcement like that of BNY Mellon, other institutions are encouraged to adopt and deliver digital assets faster,” said Patrick Campos, chief strategy officer at Securrency, a developer of blockchain-based financial and regulatory technology, on Friday.

‚ÄúTesla’s recent announcement will encourage other large companies and institutions to embrace crypto not just as a worthy asset class, but perhaps even as an essential asset class. More importantly, the appropriate expansion of institutional services to support these developments will trigger other developments related to digital assets within these institutions and in the wider ecosystem. “