Bitcoin tops $47,000 for first time after Tesla purchase

Bitcoin hit a fresh record above $47,000 on Tuesday after Tesla Inc.’s announcement of a $1.5 billion investment in the largest cryptocurrency.

The token rose as much as 6.3% to almost $47,493 in Asian trading before paring some of the gains. It was at about $46,455 as of 12:22 p.m. in Hong Kong. Tesla’s disclosure Monday sent the price soaring.

The company also 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.