![A bitcoin ATM in the Big Apple Tobacco Shop in New York City. Tesla announced on Monday that it purchased $1.5bn worth of bitcoin. The car company also announced that it will start accepting payments in bitcoin in exchange for its products](https://s.wsj.net/public/resources/images/FN-AM625_FN_Tes_M_20210209044109.jpg)
Bitcoin has surged past $48,000 for the first time after billionaire mogul Elon Musk’s electric car company Tesla invested $1.5bn in the cryptocurrency.
Bitcoin hit an all-time high of $48,226.25 on 9 February, according to cryptocurrency news site CoinDesk, following Tesla’s disclosure of its investment on 8 February.