Paypal helped for sure as the first catalyst but the price has more than doubled or even quadrupled which means Paypal is not the only reason and yeah many new investors have started investing in bitcoins which has definitely helped. Elon musk became the richest person and since he has always been involved into cryptocurrency in some way or the other like how he did with his twitter which I believe must be another big reason along with their 1.5 billion crypto investments into cryptos.
It is going to be a infinite cycle like success of one's involvement in crypto will lead others to get into it and this way many people may join us on board in near future and FOMO due to this, will do all the other positive things for bitcoins for sure.
It is clear that Elon Musk influenced many other big investors to get involved in bitcoin investing only after Tesla announced a big buy in bitcoin. People will start to believe that bitcoin is a future asset as a great store of value, PayPal has a share of that too. So all the good thing about bitcoin today is that investor have realized the potential that bitcoin has. I hope the government will no longer make effort to prevent increased adoption. The new ATH has been reached, maybe we'll see something bigger than now in the near future.