Bitcoin surges above $43,000 to a record after Elon Musk’s Tesla buys $1.5 billion

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The world's largest cryptocurrency was trading 15% higher at $44,141 after Tesla's announcement, according to Coin Metrics. Bitcoin just finished a banner year with its price more than quadrupling in 2020. Bitcoin's price jumped sharply to an all-time high after Tesla revealed a big stake in the cryptocurrency and said it would start accepting payments in the digital coin for its products. In a filing with the Securities and Exchange Commission, Tesla announced Monday that it bought $1.5 billion worth of bitcoin for "more flexibility to further diversify and maximize returns on our cash." It also said it may invest a future portion of its assets in digital assets and that it will accept bitcoin as payment for products "subject to applicable laws and initially on a limited basis." The move makes Tesla the first major automaker to accept bitcoin as payment. Tesla's stake in bitcoin "will have a ripple effect across corporations around the global," Wedbush analyst Dan Ives said in a more...