Bitcoin surge raises risk of speculative bubble to new level

The rush in 2021 by retail and institutional investors comes on top of a 300% rise last year as investors searched for high-yielding assets

Bitcoin hit a record $50,602 and has risen around 70% so far this year.

Bitcoin soared above $50,000 to an all-time high, adding steam to a rally fuelled by signs that the world’s biggest cryptocurrency is gaining acceptance among mainstream investors and companies.

Bitcoin hit a record $50,602 and has risen around 70% so far this year, with most of the gains coming after electric carmaker Tesla said it had bought $1.5bn (€1.2bn) in Bitcoin.