Bitcoin reaches record high ahead of Coinbase IPO

Bitcoin on Tuesday soared to a new record-high value of $63,200 as the cryptocurrency exchange platform Coinbase prepares to launch an initial public offering Wednesday.

Coinbase, which may have a valuation of more than $100 billion, will be the first company specializing in digital currencies to launch an IPO.

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"The simple truth, that bitcoin is a countermeasure to inflation, has now successfully permeated significant portions of both retail and institutional investors," Sergey Nazarov, co-founder of Chainlink, one of the largest projects in the blockchain industry, told FOX Business in a statement. 

He continued: "With no signal in sight that central banks have any plans to curtail fiat money printing, combined with increased government spending also on the horizon, there’s every reason to believe that Bitcoin could continue to break new milestones."

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Coinbase allows users to trade more than 50 different cryptocurrencies, including Bitcoin.

Bitcoin's steady surge comes as Tesla, square, Mastercard, BNY Mellon and Twitter have expressed increasing interest in digital currencies. A number of celebrities including Tesla's Elon Musk, Lindsey Lohan, rockstar Gene Simmons, rapper Logic and actress Maisie Williams have also expressed interest in Bitcoin.

FOX Business' Lucas Manfredi contributed to this report.