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Bitcoin surges to record high of $48,000 after Elon Musk’s Tesla invests $1.5bn

Tesla is the latest major corporate to back the cryptocurrency

By

James Booth

A bitcoin ATM in the Big Apple Tobacco Shop in New York City. Tesla announced on Monday that it purchased $1.5bn worth of bitcoin. The car company also announced that it will start accepting payments in bitcoin in exchange for its products
A bitcoin ATM in the Big Apple Tobacco Shop in New York City. Tesla announced on Monday that it purchased $1.5bn worth of bitcoin. The car company also announced that it will start accepting payments in bitcoin in exchange for its products Photo: Michael M. Santiago/Getty Images

Bitcoin has surged past $48,000 for the first time after billionaire mogul Elon Musk’s electric car company Tesla invested $1.5bn in the cryptocurrency.

Bitcoin hit an all-time high of $48,226.25 on 9 February, according to cryptocurrency news site CoinDesk, following Tesla’s disclosure of its investment on 8 February.

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