Bitcoin has set a record jumping more than 8 percent to $48,481, continuing the upward trend after Tesla purchased $1.5 billion of the virtual currency.
Earlier in the day, Elon Musk, whose comments on social media appear to have been driving bitcoin's value up, posted a cryptic Lord of the Rings-styled reference to the cryptocurrency, while also indirectly mentioning the dogecoin.
Tesla, Musk's electric car giant, has recently bought $1.5 billion of the bitcoin, which spurred the cryptocurrency's record-breaking growth.
The maverick has said that Bitcoin has a good chance of becoming widely accepted in the conventional finance world, believing the cryptocurrency to be "a good thing".