Bitcoin's value hit an all-time high of $66,893.22 on Wednesday, marking a new record from the crytocurrency's previous April zenith of $64,899.
The boost was likely helped by comments from billionaire investor Paul Tudor Jones, who said he preferred cryptocurrency over gold, NBC News reported.
"Bitcoin would be a great hedge. Crypto would be a great hedge," Jones told CNBC on Wednesday, according to NBC. "There’s a plan in place for crypto and clearly it’s winning the race against gold at the moment. ... I would think that would also be in very good inflation hedge. It would be my preferred one over gold at the moment."
NBC reported that the ProShares Bitcoin Strategy exchange-traded fund (ETF), which monitors bitcoin futures contracts and speculates future prices of the cryptocurrency, rose by almost 5 percent on Tuesday, its trading debut.
Others were still critical of the ETF and said one that tracked spot prices rather than futures could be more valuable.
“More products are great, but I just don’t see the point of investing in futures-based bitcoin ETFs when you can buy the asset in the spot market,” Jodie Gunzberg, managing director of CoinDesk Indexes, said to NBC News.
Despite these criticisms, bitcoin's soaring value marks a win for the cryptocurrency as it and other digital currencies seek more acceptance on Wall Street.
The ProShares Bitcoin Strategy ETF is the first bitcoin futures ETF in the country and announced on Friday that it would start trading this week under the ticker “BITO.”