Bitcoin Hits A Record High, Thanks to Tesla!

It’s an amazing day for Bitcoin (XBT) and/or Tesla (TSLA) investors today. After the electric car company said in regulatory filings that it would soon accept Bitcoins as payment for its vehicles, the cryptocurrency climbed to a new all-time peak of $44,868.98 per bitcoin. Tesla mentioned that it has invested $1.5 billion in bitcoin.

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On Feb 6, Monday afternoon, Bitcoin dropped from its historic high but was still up some 16% at more than $44,000. Meanwhile, Tesla shares closed 1.3% higher. 

With all three major indexes closing at record all-time highs, the broader stock market is also booming. The S&P 500 (SPX), which includes Tesla as a member, closed up 0.7%. The Dow (INDU) jumped 0.8% or 238 points. Closing almost 1 percent higher was the Nasdaq Composite (COMP).

This is not the first attempt by Tesla to drive cryptocurrency rates higher. Last week, Elon Musk’s tweet about Dogecoin led to a rise of the alternative currency as well.

While Musk had previously said that his Dogecoin tweets were jokes. This is because it started as an internet spoof focused on a viral dog meme. But that did not stop the price from rising. Dogecoin briefly rallied before pulling some of its gains back on Monday. According to Coindesk, it was up almost 12 percent at $0.08 in the afternoon.