Bitcoin and ethereum reached record highs on Tuesday when Elon Musk's Tesla Inc invested $1.5 billion in Bitcoin.
The cryptocurrency posted its largest daily percentage gain in more than three years overnight, after Tesla made the announcement in its 2020 annual report.
Bitcoin added as much as 2.5 per cent to hit a record high of $47,565.86 on Tuesday, gaining 61 per cent for the year so far.
Musk has often mentioned on his Twitter handle how he's pro-Bitcoin. Replying in May to a tweet by author J K Rowling about Bitcoin, Musk wrote that massive debt taken on by central banks made Bitcoin more attractive. He added that he owned only a quarter of a bitcoin, which was trading below $10,000 at the time.
Here is Bitcoin's price trajectory over the years till its record high in February.
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