Bitcoin's price reached a new record high of almost $50,000, as major Fortune 500 companies showed support for digital currencies.
The world's largest cryptocurrency by market value surged to an all-time high of $49,951 late Monday, just inches away from the $50,000 level, according to data from industry website CoinDesk.
The digital asset pared back some of its gains early Tuesday, rising 3.3% in the last 24 hours to a price of around $49,167.
Tesla revealed it had bought $1.5 billion worth of bitcoin in a filing last week and said it would soon accept payments in the digital coin.
Bitcoin's price more than quadrupled in 2020 and is up more than 60% since the start of this year. Bulls say it's down to heightened demand from institutional investors and a perception of the digital coin as a store of value similar to gold. But bears worry bitcoin may be one of the biggest market bubbles in history.