Bitcoin LIVE – New record high as cryptocurrency rockets past $47k after Elon Musk Tesla investment plus Dogecoin latest

THE price of Bitcoin is breaking all-time records after Elon Musk revealed Tesla invested $1.5 billion in the cryptocurrency.

This morning the cryptocurrency soared by $47,000 on the cyptocurrency markets as investors raced to take advantage of an inevitable post-Musk surge.

In a statement yesterday, Tesla revealed it would soon begin accepting payments in Bitcoin, and the world's richest man admitted the firm had made a massive investment of its own in the surging online currency.

Meanwhile another tweet from Musk sent another crytocurrency soaring after he described the once-mocked Dogecoin currency as "the future".

The coin, which began as a joke in 2013, has surged in value by 1,250% over the past year after a huge number of investors decided to simultaneously pump cash into the coin to make it a legit trading option.

Follow the latest Bitcoin and cyptocurrency news on our rolling live blog below..

  • Elizabeth Little

    MUSK: BITCOIN 'FUTURE CURRENCY OF EARTH'

    TESLA chief executive Elon Musk gave a boost to Bitcoin’s price 10 days before investing $1.5bn in the cryptocurrency, but adding a "#bitcoin" tag to his Twitter profile page.

    He removed the tag a few days later but has continued talking up Bitcoin and other cryptocurrencies such as dogecoin to his 46 millions of followers.

    Musk said a week ago that Bitcoin was "on the verge" of being more widely accepted by investors. 

    Yesterday, he went as far to describe cryptocurrency as the future currency of Earth.

  • Elizabeth Little

    WHAT IS LOKI CRYPTOCURRENCY?

    LOKI cryptocurrency is another privacy coin that has been attracting interest as of late.

    Loki cryptocurrency, similar to Bitcoin, Litecoin, Ethereum, Zcash and Dogecoin, is a privacy coin built on the Monero codebase.

    With Loki, the developers are looking to create a completely anonymous, private, secure network for communication and trade.

    Loki’s token serves as the medium of exchange on the network in a manner similar to how Ether powers the Ethereum network.

  • Elizabeth Little

    TESLA MISSES BOOST

    WHILE the price of Bitcoin saw a new record high this morning, following news of Tesla’s $1.5bn investment, the electric carmaker has not seen a similar boost.

    Tesla’s shares closed higher by just 1.3% last night at $863.42. 

    They’re now down 0.5% in after hours trading, at $858.60.

  • Elizabeth Little

    BITCOIN MARKS NEW RECORD HIGH

    Bitcoin enthusiasts are celebrating a fresh jump in the cryptocurrency’s value.

    Following Monday’s initial surge, when Tesla disclosed its own $1.5m investment in bitcoin and said it is likely to start accepting the cryptocurrency as payment for cars in the future, Bitcoin is now trading above $47,000.

    It briefly hit $48,000 this morning, a new record high. 

  • Patrick Joseph DUGGAN

    TESLA WARNING

    TESLA has warned investors that the value of its digital assets could fluctuate wildly.

    “The prevalence of such assets is a relatively recent trend, and their long-term adoption by investors, consumers and businesses is unpredictable,” Tesla said.

    “Moreover, their lack of a physical form, their reliance on technology for their creation, existence and transactional validation and their decentralization may subject their integrity to the threat of malicious attacks and technological obsolescence.”

  • Patrick Joseph DUGGAN

    BITCOIN BONANZA

    A BARTENDER quit her boring job and used social media to make over $100,000 in just 45 days with cryptocurrency.

    Sabrina Saggu, 29, admits that she always struggled to hold down conventional jobs and never lasted more than a year in any role.

    Hoping to quit her day job and go traveling, Saggu, who grew up in Toronto, scanned social media for options and found opportunity in cryptocurrency.

  • Patrick Joseph DUGGAN

    'RISKY' TRADING

    THE financial watchdog has warned over "risky" trading tips being shared on TikTok.

    It follows a buying frenzy for Gamestop shares and cryptocurrencies among amateur traders.

    Traders organising themselves on Reddit bought into Gamestop sending its share price surging, and causing professional hedge funds to lose millions.

  • Joseph Gamp

    $100M XPRIZE FOR CARBON REMOVAL FUNDED BY ELON MUSK TO FIGHT CLIMATE CHANGE

    The largest incentive prize in history to attract and inspire innovators to develop and scale carbon removal solutions to combat climate change.

    XPRIZE, the world's leader in designing and launching incentive competitions to solve humanity's grand challenges, today announced the $100M XPRIZE Carbon Removal sponsored by Elon Musk and the Musk Foundation.

    This four-year global competition invites innovators and teams from anywhere on the planet to create and demonstrate a solution that can pull carbon dioxide directly from the atmosphere or oceans and lock it away permanently in an environmentally benign way.

     

  • Joseph Gamp

    MUSK NET

    Elon Musk is now plotting to launch a phone network using satellites operated by his aerospace company, SpaceX.

    Leaked plans for the experimental project suggest it will offer phone service and voice calls to customers of the Starlink satellite network.

    Read more here.

  • Joseph Gamp

    BITCOIN A STEP CLOSER TOWARDS MAINSTREAM ACCEPTANCE AFTER TESLA PURCHASE

    Bitcoin took another large stride toward mainstream acceptance on Monday after billionaire Elon Musk’s electric vehicle company Tesla Inc revealed it had purchased $1.5 billion of the cryptocurrency and would soon accept it as a form of payment.

    The announcements, buried deep in Tesla’s 2020 annual report, drove a 10% surge in the world’s most widely-held cryptocurrency. Investors anticipated other companies will soon join a list of firms that invest in or hold bitcoin including BlackRock Inc, the world’s largest asset manager, and payments companies Square and PayPal.

  • Joseph Gamp

    APPLE HAS 'CLEAR OPPORTUNITY' TO GET INVOLVED IN CRYPTOCURRENCIES, SAYS REPORT

    Apple Inc has a "clear opportunity" to offer a buying and selling mechanism for cryptocurrencies, a move that would allow the company to immediately gain market share, according to a research report on Monday from RBC Capital Markets.

    With its access to world-class software and a secure ecosystem, Apple could tackle the problem individuals face acquiring crypto assets due to know-your-customer laws and other regulations with the company offering a closed system that prevents nefarious activity, improves asset security, and has instant access to buyers and sellers, the report said.

    It added that if Apple, which already has a Wallet app, went down this path, the move would likely make the United States a global leader in crypto assets, lessening the possibility of a government shutdown of the industry.

    "If the USA owns the most crypto assets (be it Bitcoin or other assets), it would not make logical sense in our view to ban it," RBC analysts said in the report.

  • Joseph Gamp

    TESLA TO ACCEPT BITCOIN AS PAYMENT

    The company bought the bitcoin for “more flexibility to further diversify and maximize returns on our cash” and plans are in place to begin accepting the currency as payment for its high-end car, the document revealed.

    Tesla said it will start accepting payments in bitcoin in exchange for its products “subject to applicable laws and initially on a limited basis”.

    That would make Musk’s company the first major automaker to do so.

  • Joseph Gamp

    TESLA WARNS INVESTORS THAT DIGITAL ASSETS COULD ‘FLUCTUATE WILDLY’

    Tesla has warned investors that the value of its digital assets could fluctuate wildly.

    “The prevalence of such assets is a relatively recent trend, and their long-term adoption by investors, consumers and businesses is unpredictable,” Tesla said.

    “Moreover, their lack of a physical form, their reliance on technology for their creation, existence and transactional validation and their decentralization may subject their integrity to the threat of malicious attacks and technological obsolescence.”

    “While many on the Street have discussed the prospects of this move for Tesla, this morning’s news formalizes the strategy of Musk and Tesla diving into the deep end of the pool of bitcoin and crypto,” Wedbush Securities analyst Dan Ives said in a research note.

  • Joseph Gamp

    BITCOIN’S MARKET VALUE IS NOW WORTH AROUND $690BILLION

    Bitcoin is has a market value of around $690billion and the price of a single bitcoin hit record highs earlier this year of $40,000.

    Earlier in January, the highest price Bitcoin reached was $41,940, but that number dropped slightly below $30,000 last week, CNBC reported on January 29.

  • Joseph Gamp

    MUSK WIN SITUATION

    The unconventional move comes just weeks after Musk tweeted about the risk of holding cryptocurrencies.

    “Bitcoin is almost as bs as fiat money,” he tweeted on December 20.

    Lately, he has been promoting bitcoin alternative Dogecoin on Twitter.

    Bitcoin is a digital currency that is not guaranteed by a bank or government. Investors can “mine” them by devoting computing power to authenticating other bitcoin transactions, or they can be bought and sold on exchanges using real money.

  • Joseph Gamp

    BITCOIN TAKES ANOTHER STRIDE TOWARDS MAINSTREAM ACCEPTANCE AFTER TESLA PURCHASE

    Bitcoin took another large stride toward mainstream acceptance on Monday after billionaire Elon Musk's electric vehicle company Tesla Inc revealed it had purchased $1.5 billion of the cryptocurrency and would soon accept it as a form of payment.

    The announcements, buried deep in Tesla's 2020 annual report, drove a 10% surge in the world's most widely-held cryptocurrency. Investors anticipated other companies will soon join a list of firms that invest in or hold bitcoin including BlackRock Inc, the world's largest asset manager, and payments companies Square and PayPal.

    Musk has upended Wall Street over the last year and briefly became the world's richest person as shares of Tesla surged nearly 500% to become the fifth most-valuable U.S. company, leaving other companies and investors eager to follow in his wake.

    "If any lesser mortals had made the decision to put part of their balance sheet in Bitcoin, I don't think it would have been taken seriously," said Thomas Hayes, managing member at Great Hill Capital LLC in New York. "But when the richest man in the world does it, everyone has to take a second look."

    The news sparked heavy trading in cryptocurrencies and caused exchanges like Coinbase, Gemini, Binance to experience technical issues, according to Coindesk https://www.coindesk.com/top-crypto-exchanges-technical-difficulties-tesla-bitcoin-trading-frenzy.

  • Joseph Gamp

    TESLA WARNS INVESTORS THAT DIGITAL ASSETS COULD 'FLUCTUATE WILDLY'

    Tesla has warned investors that the value of its digital assets could fluctuate wildly.

    "The prevalence of such assets is a relatively recent trend, and their long-term adoption by investors, consumers and businesses is unpredictable," Tesla said.

    "Moreover, their lack of a physical form, their reliance on technology for their creation, existence and transactional validation and their decentralization may subject their integrity to the threat of malicious attacks and technological obsolescence."

    "While many on the Street have discussed the prospects of this move for Tesla, this morning's news formalizes the strategy of Musk and Tesla diving into the deep end of the pool of bitcoin and crypto," Wedbush Securities analyst Dan Ives said in a research note.

  • Joseph Gamp

    TESLA WILL START ACCEPTING BITCOIN AS PAYMENT

    The company bought the bitcoin for “more flexibility to further diversify and maximize returns on our cash” and plans are in place to begin accepting the currency as payment for its high-end car, the document revealed.

    Tesla said it will start accepting payments in bitcoin in exchange for its products “subject to applicable laws and initially on a limited basis”.

    That would make Musk’s company the first major automaker to do so.

  • Joseph Gamp

    BARTENDER QUITS JOB AND MAKES $100,000 IN 45 DAYS USING CRYPTOCURRENCY

    Exclusive by Mollie Mansfield

    A BARTENDER quit her boring job and used social media to make over $100,000 in just 45 days with cryptocurrency.

    Sabrina Saggu, 29, admits that she always struggled to hold down conventional jobs and never lasted more than a year in any role.

    Read more on her story here.

  • Joseph Gamp

    EXPLAINED: WHAT IS SPACE X?

    What is SpaceX?

    Here’s what you need to know…

    SpaceX is a cash-flushed rocket company that wants to take man to Mars.

    It was set up by eccentric billionaire Elon Musk in 2002 and is based in Hawthorne, California.

    SpaceX's first aim was to build rockets that can autonomously land back on Earth for refurbishment and re-use.

    The technology makes launching and operating space flights more efficient, and therefore cheaper.

    SpaceX currently uses its reusable Falcon 9 and Falcon Heavy rockets to fly cargo to the International Space Station (ISS) for Nasa.

    It also carries satellites and other space tech into orbit for various government agencies and multinational companies.

    The company took astronauts to the ISS for the first time in 2020.

    Other future missions involve carrying tourists to the ISS and astronauts to the Moon and Mars.

    Musk has repeatedly said he believes humanity must colonise Mars to save itself from extinction.

    He plans to get a SpaceX rocket to the Red Planet by 2027.

  • Joseph Gamp

    APPLE SHOULD LAUNCH ITS OWN CRYPTOCURRENCY SAYS ANALYST

    A new report from the brokerage firm RBC Capital Markets says that Apple, which already provides payments wallets for millions of consumers, might be able to easily generate more than $40 billion from the cryptocurrency business.

    The company’s move could also help to make the US a technological leader in cryptocurrencies for the next decade or two

    RBC analyst Mitch Steves says the payments firm Square generates about $1.6 billion per quarter in bitcoin-related revenue on an active install base estimated at around 30 million.

    “Apple’s install base is 1.5 billion, and even if we assume only 200 million users would transact, this is 6.66x larger than Square,” according to the report.

    Therefore, the potential revenue opportunity would be in excess of $40 billion a year (15% incremental top-line opportunity).”

  • Joseph Gamp

    BITCOIN'S MARKET VALUE IS NOW WORTH AROUND $690BILLION

    Bitcoin is has a market value of around $690billion and the price of a single bitcoin hit record highs earlier this year of $40,000.

    Earlier in January, the highest price Bitcoin reached was $41,940, but that number dropped slightly below $30,000 last week, CNBC reported on January 29.

  • Joseph Gamp

    LONG-TERM STORE OF CRYPTO VALUE

    Central banks remain skeptical of digital currencies, but analysts say the more real world uses appear for bitcoin, the more attractive it will prove as a long-term store of value.

    Bitcoin surged nearly 14% to a record high of $43,625 after Tesla's disclosure.

    "The argument for bitcoin is evolving. It used to be negative (reasons to buy), but suddenly there are positive reasons, and that's why you see bitcoin at (new highs)," Mohamed El-Erian, chief economic advisor of Allianz, told CNBC.

    Tesla is the latest company to add bitcoin to its corporate treasury, following similar moves by Square, the payments company led by Twitter Inc chief Jack Dorsey and U.S. software firm MicroStrategy Inc.

  • Joseph Gamp

    WILL ELON MUSK LAUNCH A PHONE NETWORK?

    Elon Musk is now plotting to launch a phone network using satellites operated by his aerospace company, SpaceX.

    Leaked plans for the experimental project suggest it will offer phone service and voice calls to customers of the Starlink satellite network.

    In a filing to the Federal Trade Commission (FCC) seen by ArsTechnica last week, SpaceX petitions to expand Starlink to include a phone service.

    Rather than beaming everything through its satellites, the network would largely rely on existing phone circuitry operated by local telecoms.

    Read more here.

  • Joseph Gamp

    WATCH: HOW PRICE OF BITCOIN SKYROCKETED THANKS TO ELON MUSK

    Bitcoin cryptocurrency ‘skyrockets 20% after Elon Musk adds #bitcoin to Twitter bio’ as Dogecoin surges

     

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