Bitcoin rose to its peak point in more than two weeks on Monday, boosted by the completion of MicroStrategy Inc.’s $500 million junk-bond offerings to buy bitcoin and new responses from Tesla Inc. CEO Elon Musk.
The world’s most valuable cryptocurrency traded as high as $41,046.77, up by nearly 11% from its Friday level at 5 p.m. ET.
According to CoinDesk, the valuation of all bitcoin in circulation has risen to $752.23 billion.
MicroStrategy raised $488 million from its bond sale, up from the $400 million it had planned, according to a security filing on Monday. The money will be put towards buying more bitcoin.
This is inaccurate. Tesla only sold ~10% of holdings to confirm BTC could be liquidated easily without moving market.
When there’s confirmation of reasonable (~50%) clean energy usage by miners with positive future trend, Tesla will resume allowing Bitcoin transactions.
— Elon Musk (@elonmusk) June 13, 2021
Bitcoin’s latest surge began on Sunday when Elon Musk posted a tweet that he would resume accepting bitcoin payments for Tesla vehicles once the power used to mine new coins was sourced from renewable sources once more.
That’s a 180-degree turn from his announcement last month that Tesla would no longer accept bitcoin, causing the cryptocurrency to plummet.
Mr. Musk’s statements have had a big impact on cryptocurrency markets this year, causing investors to lose a lot of money or make a lot of money depending on his social networking mood.
Meanwhile, billionaire hedge-fund manager Paul Tudor Jones said on CNBC on Monday that bitcoin is a “diversifier” in his portfolio. El Salvador became the first nation in the world to pass legislation making bitcoin legal tender last week.
After the rise, other cryptocurrencies rose as well: litecoin gained 3.7 percent, and ether gained nearly 3 percent.