Bitcoin hit a 5-month high on Wednesday, topping $55,000 per coin.
Investors seemed to be seeking an alternative to the increasingly volatile equity markets amid speculation of greater inflation.
The bitcoin rally puts the crypto currency up nearly 90% for the year. 13% of that upside is from this week alone.
The rally comes on the heels of the SEC telling lawmakers at a House Hearing on Tuesday that the government has no plan to ban bitcoin. An actual ban, similar to what took place in China, would be something that Congress would need to decide.