The last time we were at an ATH there was a market cap of 3 Billion, now we have a market cap of 3.5 Billion. We just passed the market cap of Mastercard and are approaching Visa's market cap. Or another way of viewing this is by country not company. More Bitcoin exchanged hands than what is currently exchanging hands in New Zealand. We have printed 1,782,000 Bitcoins since the last ATH. Everyone who is into Bitcoin knows the supply of Bitcoin was reduced to 900 a day back in May 2020. That is why there isn't enough supply for the big companies like Paypal.
The main thing that caused the runup in Bitcoin's price is that Paypal has allowed their users to buy and sell Bitcoin. Now you can store your wealth in Bitcoin and pay anyone of their 20 million active merchant accounts for the items you want. There is no need to go through BSIQ to get your Bitcoin converted into fiat.