Bitcoin surges to new record as major firms flock to crypto

Bitcoin surges to new record as major firms flock to crypto

Tesla, led by Elon Musk, confirmed that it purchased about $ 1.5 billion in bitcoin in January and expects to start accepting it as a payment in the future.

Artur Widak | NurPhoto | Getty Images

Bitcoin’s price reached a new record high of almost $50,000, as major Fortune 500 companies showed support for digital currencies.

The world’s largest cryptocurrency by market value surged to an all-time high of $49,951 late Monday, just inches away from the $50,000 level, according to data from industry website CoinDesk.

The digital asset pared back some of its gains early Tuesday, rising 3.3% in the last 24 hours to a price of around $49,167.

The digital coin has gotten a boost from news of large firms like Tesla, Mastercard and BNY Mellon warming to cryptocurrencies.