Bitcoin surpassed $11,000 on Friday, at one point testing the monthly high of $1,110 achieved on 19 September.

The leading crypto has performed  well in the past two weeks, having begun the Autumn with a not insignificant drop from almost $12,000 to $10,000.

Square’s Thursday announcement that it had purchased 4709 BTC for around $50m (£38.6m, €42.5m) can be said to have buoyed Bitcoin. Between 1pm on Thursday and 1pm on Friday the crypto had jumped from $10,616 to $11,065.

The payments company founded by Twitter head and long-time Bitcoin enthusiast Jack Dorsey outlined its belief that “that cryptocurrency is an instrument of economic empowerment and provides a way for the world to participate in a global monetary system, which aligns with the company’s purpose.”

The move followed in the footsteps of MicroStrategy, the business intelligence firm which has spent $425m on Bitcoin this year.

There is growing hope that these firms will set a precedent for other major corporations turning to Bitcoin as a useful diversification opportunity and hedge.

The crypto is currently enjoying its longest period above $10,000 on record.

By late-afternoon Friday, Bitcoin stood up by 1.5 per cent at $11,058, a more than 54 per cent gain in the year to date.

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