Bitcoin tops $48,000 for first time after Elon Musk bet – live updates

SourceThe Telegraph
SectorTechnology
CountryMiddle east

Bitcoin continued to soar overnight, topping its previous record and reaching new heights of $48,000 after Tesla revealed yesterday the company had invested $1.5 billion in the coin.  The investment was interpreted as a bold vote of confidence in the cryptocurrency from Tesla CEO Elon Musk, who has used his Twitter account to rally support for Bitcoin, as well as another coin Dogecoin.  However some analysts were skeptical about the timing. David Trainer, boss of investment research firm New Constructs, said yesterday: "Elon Musk is trying to turn bitcoin into a meme stock. "Tesla accepting bitcoin as payment for cars is a distraction from the issues Tesla faces right now, which include falling market share and declining quality of cars." ...read more...