The world’s biggest cryptocurrency is gaining acceptance among mainstream investors and companies, reaching new highs.
Bitcoin hit a record $50,602, and was last up 2.7% at $49,100. It has risen around 70% so far this year, with most of the gains coming after electric carmaker Tesla said it had bought $1.5 billion in bitcoin.
The move by Tesla, which also said it would accept bitcoin as payment, was the latest in a string of large investments that have vaulted bitcoin from the fringes of finance to company balance sheets and Wall Street, with US firms and traditional money managers starting to buy the coin.
The meteoric rise of bitcoin, which traded at a few hundred dollars only five years earlier, has also led major investment banks to warn of a speculative bubble