Elon Musk's car company Tesla has said it bought about $1.5bn (£1.1bn) of the cryptocurrency Bitcoin in January and going to start accepting this currency as payment in future.
The news sparked enthusiasm, causing the price of Bitcoin to jump 14% to $43,968, a record high.
Tesla said it was trying to maximise returns on cash that is not being used in day-to-day running of the company.
It comes days after Mr Musk added "#bitcoin" to his Twitter profile page, which drove up the price.
He removed it days later, but has continued talking up Bitcoin and other cryptocurrencies, including Dogecoin, which jumped 50% after his endorsement.