© Reuters. FILE PHOTO: Representations of the virtual currency Bitcoin are placed on US dollar bills
By Thyagaraju Adinarayan LONDON (Reuters) – It soared above $ 50,000 on Tuesday to a new record, building on a rally fueled by signs that the world’s largest cryptocurrency is gaining acceptance among major investors. Bitcoin reached a new high of $ 50,602 and was up 5% to $ 50,300. It‘s up about 72% so far this year, with most of the gains coming after electric car maker Tesla (NASDAQ 🙂 said it had bought $ 1.5 billion worth of bitcoin. He also said that he would accept the coin as payment. But Tesla was just the latest in a series of large investments that have taken bitcoin from finance margins to company balance sheets and Wall Street trading desks as American companies and traditional money managers have started to buy a large amount.
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