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The price of bitcoin blew through $46,000 for the first time ever like a light saber through cotton candy as Tesla’s announcement earlier Monday that it had bought $1.5 billion of the leading cryptocurrency added jet fuel to its record run.
- Bitcoin hit $46,724.21, a new all-time high, after going past $45,000 for the first time less than a half hour earlier. $45,000 was supposed to have been a sort of milestone but the cryptocurrency's race toward $46,000 turned that into a non-event.
- In recent trading, bitcoin settled back to $46,193.80, up 18% in the last 24 hours. The cryptocurrency has risen more than 52% year-to-date.
- A growing number of big institutional investors including Paul Tudor Jones II and Bill Miller have pushed into bitcoin as a potential hedge against inflation, as the Federal Reserve and central banks around the world pump trillions of dollars of freshly created money into financial markets to stimulate their coronavirus-racked economies.
- Tesla joins publicly traded companies including Michael Saylor’s MicroStrategy that have steered corporate money into bitcoin. And from the price of bitcoin today, it's clear some investors thing it's just getting started.
- “We think this is just the start to a much wider adoption from household institutional names, finally ready to make the crossover into the crypto space,” Joel Kruger, strategist at the cryptocurrency exchange LMAX Digital, said in an email.
- With this latest surge, the market value of bitcoin ($860.4 billion) has once again passed that of Tesla ($818.4 billion) after topping it for the first time ever earlier Monday.
Read more: Bill Miller’s Flagship Fund May Now Buy GBTC to Gain Bitcoin Exposure of Up to 15%
UPDATE (Feb. 8, 23:35 UTC): Updates to add bitcoin passed $46k for the first time.
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