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Musk and Square founder Jack Dorsey are both supporters of bitcoin. Meanwhile, global central banks have been easing monetary policy — such as lowering interest rates and buying assets through the so-called quantitative easing program — to help cushion the blow to economies hit by the coronavirus pandemic.

Instead, the so-called bitcoin network is made up of miners who process transactions. These miners operate a vast array of specialized computers required to carry out the bitcoin mining process. As there are many different miners, no single entity can control the network.

Bitcoin Could Reach $1 Million, ‘Going to Infinity,’ Says Leading Crypto CEO

And because the computers they use are often very powerful machines, bitcoin proponents claim the network is one of the strongest computer networks in the world. As there is more liquidity, there is more utility. As there's more utility, there's more stability in the price … you get kind of this evolution," Pompliano said. Gold is broadly accepted as a "safe haven" asset where investors flock to in times of political strife or financial market turmoil. Bitcoin is now beginning to develop such a reputation.

But there are caveats, the biggest one being the volatility in bitcoin's price. The digital coin is known for wild swings in price.

Why criminals can't hide behind Bitcoin

Panigirtzoglou said bitcoin is "five times more volatility than gold. The key to bitcoin's volatility converging with gold is institutional adoption, the JPMorgan strategist said. Still, there are risks ahead for the current rally.

While it has been driven by institutional investors, retail participation has also been high. The price of bitcoin fell on Thursday by 0. The price slipped earlier this week after Gary Gensler, the nominee to lead the Securities and Exchange Commission, said at his confirmation hearing that making sure crypto markets are free of fraud and manipulation was a challenge.

Gensler has been viewed as an advocate for cryptocurrencies , given his previous work and teachings on the subject at MIT. Bitcoin believers expect it to replace fiat money, and the market capitalization of all national currencies combined could make up its worth, Powell said.

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