Bitcoin rockets high after Tesla’s investment


Bitoin hit a record-high above $43,000 on Monday after electric carmaker Tesla invested $1.5 billion in the digital currency.

Bitcoin hit $43,725.51 around 1300 GMT, before cooling slightly to $42,352.

The cryptocurrency is up around 50 percent since the start of the year.

The Palo Alto, California-based manufacturer said in a filing Monday it made the bet on Bitcoin after updating its investment policy last month to allow the company to invest in digital assets as well as gold bullion and gold exchange-traded funds.

“We expect to begin accepting Bitcoin as a form of payment for our products in the near future, subject to applicable laws and initially on a limited basis,” Tesla said in the securities filing.

The leading electric-car maker’s embrace of Bitcoin lends increased legitimacy to electronic currencies, which have become more of a mainstream asset in recent years despite skepticism from some.

The embrace of a digital currency fits the maverick image of Tesla Chief Executive Officer Elon Musk, who upended the automotive industry with battery-powered vehicles and disrupted the equities market with the stock’s ascension to the blue chip S&P 500 index last year.