Bitcoin and Dogecoin Are Boosted by Elon Musk

Bitcoin and Dogecoin Are Boosted by Elon Musk

The Transition to Electric CarsGM's Electric Car GoalsChinese Companies Dominate MarketCan the Power Grid Handle It?Benefits of Electric CarsElon Musk and Snoop Dogg Push Cryptocurrencies to Record HighsBitcoin and even Dogecoin, which began as a playful experiment, are soaring in value as billionaires, companies and celebrities promote the digital currencies.A Bitcoin A.T.M. in Marseille, France. The value of various cryptocurrencies has been surging this year.Credit...Eric Gaillard/ReutersBy Nathaniel PopperFeb. 8, 2021, 6:57 p.m. ETSAN FRANCISCO — Bitcoin hit a new high of nearly $45,000 on Monday, shooting up more than 45 percent from the beginning of the year.Other digital currencies — with names like Terra and Solana — also rose sharply in value.Even Dogecoin, a cryptocurrency that began as a joke with a perpetually surprised Shiba Inu dog for its symbol, has soared almost 1,000 percent over the last week to set a record.The rally is a moment of euphoria for the thousands of different versions of digital money, which years ago were dismissed as little more than online Beanie Babies caught in a speculative bubble. While cryptocurrencies often rise and fall together, the latest surge stands out for its magnitude — for the first time, the value of all cryptocurrencies