Bitcoin price jumps to record high after Elon Musk announces $1.5 billion investment

The price of Bitcoin, which is the most famous cryptocurrency in the world, just shot 22% higher to a record high of $47,787.54, within 24 hours of Tesla CEO Elon Musk’s announcement that he would invest $1.5 billion in it.

He also announced that Tesla would become the first automotive company in the world to accept payment in bitcoin for its cars soon after its customers were asking it to accept the cryptocurrency as payment.

Interest in cryptocurrency, especially bitcoin, has increased in recent days particularly because it is rare and can be mined by just about anyone. However, it’s only been used as a store of value like gold with only a few merchants accepting it for payment.

It is expected that with time, more and more companies will start accepting cryptocurrency for payment as it is completely digital, decentralised, and safer than conventional currencies.

However, some fear the volatile nature of the currency may impact businesses, especially in terms of products and their prices.