Bitcoin price hit a record high over $47,000 on Monday after Electric vehicle maker Tesla invested $1.5 billion in the digital currency. The Elon Musk company announced in an SEC filing that it has purchased $1.5 billion worth of bitcoin.
Two weeks ago, Musk added the hashtag #bitcoin to his Twitter bio, following which the value of the cryptocurrency pushed up by as much as 20%.
Following Tesla’s announcement Monday, Bitcoin prices climbed to new highs touching a price of at least $47,000 and Tesla shares were up more than 2% Monday morning.
In a much-needed move, Tesla also announced that it would start accepting bitcoin as a payment method for its products. However, it warned investors of the volatility of cryptocurrency price. At current prices, 0.8 bitcoins would be sufficient to purchase an entry-level Tesla Model 3.
Meanwhile, the authorities of Indian have been far from accepting cryptocurrencies like bitcoin and see them as a channel for money laundering and other wicked reasons.