The price of Bitcoin hit a record level of $44,220 (£32,183) after Elon Musk’s company Tesla revealed it bought about $1.5bn (£1.1bn) of the cryptocurrency in January. It also said it expects to start accepting Bitcoin as payment in future.
The firm said it was trying to maximize returns on cash that is not being used in day-to-day running of the company. It comes days after Mr Musk added “#bitcoin” to his Twitter profile page, which drove up the price. He removed it days later, but has continued talking up Bitcoin and other cryptocurrencies, including Dogecoin, which jumped 50% after his endorsement.