Bitcoin safes over $ 50,000 for the primary time By Reuters

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© Reuters. FILE PHOTO: Representations of the virtual currency Bitcoin are placed on US dollar banknotes

By Thyagaraju Adinarayan

LONDON (Reuters) – rose above $ 50,000 to a new record high on Tuesday, building on a rally fueled by signs that the world’s largest cryptocurrency is gaining acceptance with mainstream investors.

Bitcoin hit a new high of $ 50,602 and most recently rose 5% to $ 50,300. It’s up 72% so far this year, with most of the gains coming after electric car maker Tesla (NASDAQ 🙂 said it bought $ 1.5 billion worth of Bitcoin.

It also said it would accept the currency as payment.

However, Tesla was just the latest in a series of major investments that have seen Bitcoin skyrocketing from the edge of finance to corporate balance sheets to Wall Street trading counters as U.S. firms and traditional money managers started buying up lots.

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