a lucky day for Bitcoin as the cryptocurrency company hit a record-high near
$45,000 on Monday following the $1.5 billion investment by Elon Musk’s automaker, Tesla, in the digital currency, reports AFP.

Bitcoin rates have surged by around 50% since the beginning of this year.

The digital currency hit $44,795.20 around 1325 GMT, before cooling slightly to $44,207.95.

Also Read: Tesla CEO Elon Musk breaks his Twitter silence with Dogecoin as its price surges

Calling Tesla’s investment one of the biggest developments for the cryptocurrency, Fawad Razaqzada, analyst at ThinkMarkets said, “Tesla is going to be a major player in the auto industry and if it starts accepting bitcoin as a form of payment, it will give the digital currency further legitimacy.”

In an another monumental move, Elon Musk’s Tesla announced that it would transform its transaction process by accepting bitcoin a mode of payment for its services and products.

This development come days after co founder, Elon Musk, who is known to move markets solely with his tweets, displayed interest in Bitcoin over the micro-blogging site.

announcement and involvement in cryptocurrency after former’s official notice to Securities and Exchange Commission is seen as a sign of concern by the regulators and experts who fear Bitcoin could be used
for illegal transactions.

more and more companies start accepting bitcoin, this will only lead to further
increases in demand in a market which is limited in supply,” Razaqzada

Razaqzada further added that the long term usage of this digital currency would always be bullish and observed as a skeptical mode by in the market.

Unregulated by any central bank, Bitcoin, just a 12 year old founding, witnessed a revolutionary rise since March, when it stood at $5,000, spurred by online
payments giant PayPal saying it would enable account holders to use