Bitcoin continues to soar with new all-time high

The price of Bitcoin gained 3.7% during the trading session reaching the highest level of $48,168, a fresh all-time high, according to the trading data.

As of 11:11 am, the Bitcoin price equaled $47,800 (+2.91%).

Tesla’s disclosure Monday sent the price soaring. The company said it would begin accepting the digital token as a form of payment for its electric cars. The developments amounted to the biggest endorsement of the controversial cryptocurrency by a mainstream firm. Elon Musk, Tesla’s chief executive officer and the world’s richest man, has for weeks been commenting about digital coins, buffeting their prices, Bloomberg reported.

Bitcoin’s ascent to its latest summit came with big swings that continue to stoke controversy about its outlook. Predictions for its possible long-term price range from $400,000 and more to zero. Risks for cryptocurrencies range from tightening rules to concerns about their use in terrorist and criminal financing.

Proponents cite backing from the likes of Musk and signs of interest from long-term investors as evidence of a durable Bitcoin rally. They envisage a role for the token as a hedge for risks such as faster inflation, akin to gold. Skeptics see speculators at work and echoes of the 2017 boom that turned to bust.