Bitcoin Rises to $48000 after Tesla purchased $1.5 Billion of Bitcoin

The price of bitcoin rose to a new record of $48 000 on Tuesday after Tesla Inc. announced investing $1.5 billion of bitcoin.

The price surged as much as 7.9 per cent to almost $48 216 before pairing some of the gains. 

Tesla’s investment sent the price soaring when it disclosed it would start accepting bitcoin as a method of payment for its products. 

Tesla’s move into bitcoin will have a ripple effect across corporations globally as they will begin using the digital coins as an alternative payment method option.

Predictions that bitcoin price will get to $400 000 in a long-term term isn’t far-fetched, though the major concern is that it might aid terrorist and criminal financing.