Bitcoin rockets to record high of $48,000 after Elon Musk’s Tesla buys up $1.5 billion – with one backer saying the price could hit $100,000 this year
- Date: 09-Feb-2021
- Source: Business Insider
- Sector:Technology
- Country:Middle East
Bitcoin rockets to record high of $48,000 after Elon Musk’s Tesla buys up $1.5 billion – with one backer saying the price could hit $100,000 this year
The bitcoin price jumped to an all-time high of above $48,000 on Tuesday, after Elon Musk's Tesla said it had bought up $1.5 billion of the world's biggest cryptocurrency.
Bitcoin then slipped back slightly, but was up 15.7% to $45,694 as of 6am ET. One major backer said he saw the price rising to $100,000 by the end of the year.
Musk's electric car company Tesla caused a stampede into the digital currency on Monday, when it revealed it had bought up $1.5 billion of bitcoin in January. Tesla also said it planned to start accepting bitcoin as payment.
The rally continued on Tuesday morning, meaning bitcoin had risen by roughly 1,000% since its March 2020 low of around $4,000.
Read More: UBS says bitcoin is a bubble and too volatile to diversify a portfolio, unlike gold - here's why the bank says it could end up 'worthless'
Michael Novogratz told Bloomberg TV on Monday that he thought bitcoin would more than double to $100,000 by the end of 2021, as big-name firms get behind the currency.
"You're going to see every company in America do the same thing [as Tesla]," Novogratz, the founder of crypto investment firm Galaxy Digital, told Bloomberg.
"One of the things that connect