PARIS: Bitcoin briefly rose above $60,000 for the first time on Saturday, as increasing backing from corporate heavyweights helps the world’s most popular virtual currency continue its record-breaking run.

The cryptocurrency hit an all-time high of $60,012 at 1149 GMT, according to the website CoinMarketCap.

Bitcoin has been on a meteoric rise since March last year, when it stood at $5,000, spurred by online payments giant PayPal saying it would allow account holders to use cryptocurrency.

Last month Elon Musk´s electric carmaker Tesla invested $1.5 billion in the virtual unit, while Twitter chief Jack Dorsey and rap mogul Jay-Z said they are creating a fund aimed at making Bitcoin “the internet’s currency”.

Others jumping on the bandwagon include Wall Street player BNY Mellon, investment fund giant BlackRock and credit card titan Mastercard.