Bitcoin got a jolt of confidence from Tesla. The electric car maker said it invested $1.5 billion in the electronic currency, driving it up more than 15% to a record high.
Tesla also said it expects its customers will be able to use bitcoin to buy its cars and other products in the near future.
Analysts say the company’s investment could prove to be a game changer for bitcoin. While central banks have been skeptical of digital currencies, some big financial institutions like Blackrock and PayPal support them.
Bitcoin, which has set new record highs in recent months, has had a rollercoaster ride over the past decade.
But Tesla CEO Elon Musk has endorsed bitcoin and other cryptocurrencies in the past. Just last week, he said bitcoin was “on the verge” of being more widely accepted among investors. In December, he asked if it was possible to do large transactions with it.