Bitcoin has hit record highs for a second day after Elon Musk’s car company Tesla said it had bought about $1.5bn (£1.1bn) of the cryptocurrency.
Bitcoin rose above £34,820 before falling back slightly, but it remains 25% higher than five days ago.
Those who invested in the crypto before 2020 will have seen significant returns over the past few days.
Source: BBC
Some investors took Tesla’s move as a signal that Bitcoin would become a mainstream financial asset, with many speculating that other tech giants will follow suit.
However, there was some criticism about a green car firm investing in such an energy-intensive currency.
More from Cryptocurrency
- What Does a Crypto Launchpad Actually Do?
- The True Significance of a Token Generation Event (TGE)
- UK Announces New Crypto Rules To Attract More Investment
- Understanding Blockchain Security Vulnerabilities
- 7 Red Flags To Avoid When Choosing An IDO Launchpad
- The Biggest Mistakes Startups Make When Running an IDO Campaign
- Cryptocurrency Cybersecurity: Protection Strategies For Digital Asset Holders
- $25 Million Crypto Robbery Shows Big Gaps In Blockchain Security
Bitcoin currently uses more energy than Argentina every year, according to analysis from the University of Cambridge.
Source: BBC
