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Bitcoin Sets a New High in Value

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Bitcoin shoots up to a high record of above $50,000, setting a new record for the very first time, after U.S electric car manufacturer Tesla announced its purchase of $1.5 billion worth of the cryptocurrency.

The cryptocurrency was last up roughly 5 percent at 50,300, which has now risen above 72 percent so far this year, with most gains coming after electric car maker Tesla bought 1.5$ billion in the bitcoin and acknowledged the currency as a method of payment.

Also, Tesla has now invested around 1.5$ billion in bitcoin, and is open to acquiring and holding digital assets time to time or for the long term, said Elon Musk, Founder of Tesla, during the U.S Securities and Exchange Commission filing.

They have begun taking bitcoin from small traces in finance to company balance sheets and Wall Street dealing desks, as the U.S firms and traditional money managers have commenced purchasing it in bulk.

Well Tesla is not alone in investing in bitcoin. It was the only most recent in a series of bulky investments that chose Bitcoin from a bunch of companies across verticals. They have begun taking bitcoin from small traces in finance to company balance sheets and Wall Street dealing desks, as the U.S firms and traditional money managers have commenced purchasing it in bulk.

“If major Dogecoin holders sell most of their coins, it will get my full support. Too much concentration is the only real issue imo,” Elon recently tweeted.

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