Elon Musk’s car company Tesla has purchased 1.5bn dollars (or 1.2 billion euros) worth of Bitcoin, and plans to start accepting the cryptocurrency as payment for their products in future.

This surge in interest caused the price of Bitcoin to spike 17% to $44,220 – a record high for the cryptocurrency.

This comes mere days after Musk included the hashtag “#bitcoin” in his Twitter to his 46 million followers, which caused a large bump in price and interest.

Though he promptly removed it, Musk has continued to promote cryptocurrencies in recent days, including Dogecoin, which leaped a whopping 50% in value after he mentioned it.

Just a week ago Musk tweeted that Bitcoin was “on the verge” of being more widely accepted among major investors.

Tesla says that it has already bought $1.5bn worth of Bitcoin and is seeking to acquire other “digital assets” for the future.

“Moreover, we expect to begin accepting Bitcoin as a form of payment for our products in the near future, subject to applicable laws and initially on a limited basis,” the company said in a statement.