20:28 GMT28 February 2021
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    The popular cryptocurrency has been reporting record-breaking surges for the past two days since Tesla announced it had purchased $1.5 billion worth of Bitcoin.

    Elon Musk appears to have thrown his weight behind Bitcoin, venerating the virtual currency as the "One Coin to Rule Them All" in his latest tweet.

    In an apparent reference to the "Lord of the Rings" saga, the entrepreneur posted a short poem, attaching a picture of Bitcoin styled as a ring of power - a key artefact in Tolkien's trilogy.

    Bitcoin experienced a series of jumps after Musk's company Tesla purchased $1.5 billion in the cryptocurrency and announced it as an acceptable form of payment.​

    The South African-born billionaire himself has been promoting the cryptocurrency which appears to have boosted its value.

    In late January, its price surged by 16 percent in just an hour after he mentioned Bitcoin in his tweet.

    A more obscure, memetic cryptocurrency, Dogecoin, previously gained over 800 percent after a Musk tweet in support of the cryptocurrency.

    Tags:
    Tesla, Elon Musk, bitcoin
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