Overnight the Bitcoin (CURRENCY: BTC) price continued its strong run and raced over 10% higher to US$7,260.
This has left the cryptocurrency trading within sight of its all-time high.
What happened?
The Bitcoin price was given a major lift yesterday after payments company Square announced that it is testing support for Bitcoin through its Cash payments app.
According to Forbes, Jack Dorsey's company has given a small number of users the option to buy or sell Bitcoin through its app.
The company explained that it has done this as a way of exploring how it can make the Bitcoin buying and selling experience faster and easier.
Square's share price raced to an all-time high following the news, with many analysts believing that the move could generate significant revenue for the company. Interestingly, analysts at Credit Suisse believe that Paypal is well-positioned to follow suit in the future.
I believe that this has the potential to increase Bitcoin adoption significantly, which could drive its price higher in the short to medium-term.
Should you invest in Bitcoin?
As I said yesterday, I think Bitcoin is likely to go higher from here for a number of reasons. Whilst this could make it worth considering as a high risk investment, I would limit it to just a small part of your portfolio.
