Bitcoin Surpasses $20,000

On Wednesday, Bitcoin shot past $20,000 for the first time.

"Some of the biggest investors in the world have been singing Bitcoin's praises in recent weeks," said an author of a bestselling book on cryptocurrencies.

Business Insider reports that Bitcoin surged more than 5% to trade around $20,550 as of 09:30 a.m.

ET.

This breaks its previous record of $19,857 set in late November.