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
- The Role of SOL to ETH in Evolving Crypto Ecosystems
- What Does The Recent Bitcoin Surge Mean For Digital Currencies?
- What is USDT Payment and How It Transforms Digital Transactions?
- How Do Crypto Derivatives Work?
- What Bitcoin Shattering Records Means For Startups And Investors
- Top 10 Crypto Wallets For Digital Investors
- Pioneering Bitcoin: Leading the Digital Currency Revolution
- Parallel Cryptos Explored: Bitcoin’s Companions On Blockchain
Bitcoin currently uses more energy than Argentina every year, according to analysis from the University of Cambridge.
Source: BBC
