Cryptocurrency bitcoin's stock market price spiked precipitously Monday, following an announcement from Elon Musk's Tesla car company that it had invested $1.5 billion, according to a filing with the Securities and Exchange Commission.
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The news sent bitcoin's price to a record $44,000, at the time of writing, representing an increase of over 12%. Bitcoin's 2020 was spectacularly successful, in which it more than quadrupled its value in an increasingly uncertain global financial situation.
The electric car maker said it bought bitcoin for "more flexibility to further diversify and maximize returns on our cash," according to the filing. It added that it may invest future portion of its assets in digital assets, CNBC said.
