Tesla, led by Elon Musk, confirmed that it purchased about $ 1.5 billion worth of bitcoin in January and expects to accept it as payment in the future.
Artur Widak | NurPhoto | Getty Images
Bitcoin’s price hit a new high of nearly $ 50,000 on Sunday after major Fortune 500 companies showed support for digital currencies.
The world’s largest cryptocurrency by market value rose more than 5% Sunday afternoon to a record high of $ 49,716, according to data from industry website CoinDesk.
The digital asset bounced Monday, falling 2.4% in the past 24 hours to a price of about $ 47,925.
The Valentine’s Day surge was thought to be driven by news from major companies such as Tesla, Mastercard and BNY Mellon heating up to cryptocurrencies.