The world’s most popular cryptocurrency, Bitcoin, hit another all-time record and climbed over $42,000 on Monday, according to data from the CoinMarketCap portal.
The price skyrocketed as Tesla confirmed it invested $1.5 billion in the cryptocurrency in January. Bitcoin is now at $43,625 amid the news.
In order to provide more flexibility to further diversify and maximise returns, Tesla updated its investment policy in January 2021, according to the US Securities and Exchange Commission. The new policy suggests that the company should invest more capital in alternative reserve assets, such as digital assets, gold bars, exchange-traded funds, and others.
Previously, in January, Tesla and Space X CEO Elon Musk took to Twitter and tagged Bitcoin in his Twitter biography. Shortly after Musk's post, Bitcoin surged, reaching a high of $37,060.