The price of Bitcoin just reached another all-time high breaking the $50,000 barrier. World’s largest cryptocurrency achieved this at a time where Tesla announced its $1.5 billion investment in Bitcoin two weeks ago.
MicroStrategy announced that they are looking at selling $600 million worth of convertible senior notes with the hope of buying more Bitcoin. They are looking forward to selling those notes to institutional investors. The business intelligence firm will use the net proceeds from this sale to purchase more Bitcoin. The organization currently owns 71,079 BTC on the books.
With this news, the price of Bitcoin passed the $50,000 barrier reaching its new all-time high of $50,560. The price of the Bitcoin was hovering between $30,000 and $40,000 for days until the announcement from Tesla investing in the asset. With Tesla’s $1.5 billion investment Bitcoin managed to gain more than 30% in value. Elon Musk has been doing his groundwork for closer to a month publishing various tweets on his profile, pumping its price. Musk started the frenzy by updating his Twitter bio to “#Bitcoin” and this lead many others to follow this trend.
