Bitcoin has been enjoying explosive growth lately, fuelled among other things by the fact that Tesla decided to invest in it.
Bitcoin cryptocurrency hit a new record on Wednesday, exceeding the $51,000 mark, gaining a thousand dollars in value in five hours.
The cryptocurrency hit its last record price on Tuesday at a cost of $50,576.33 per coin, fluctuating by around 5%.
Bitcoin was worth around $7,000 in January of last year and has seen its price increase seven-fold.
Major electric car manufacturer Tesla recently announced that it had invested $1.5 billion in the cryptocurrency in January, boosting Bitcoin’s price.
This came after the company adopted an updated investment policy that suggests that it should invest more capital in alternative reserve assets, such as digital assets, gold bars, exchange-traded funds, and others.
Launched in early 2009, the blockchain-based cryptocurrency is now considered the world’s biggest by market capitalisation and the amount of data stored on its blockchain.