Now the value of the cryptocurrency is estimated to be around $ 45,000.

American businessman Elon Musk seems to have once again shown his support for bitcoin in a new tweet, in which he described the digital currency as “a currency to rule them all” in an apparent allusion to a well-known phrase from the saga ‘The Lord of the Rings’ by JRR Tolkien.

In addition, the billionaire published a short poem about the hobbit Frodo, the main character of the saga, attaching an image of the bitcoin in the form of the ‘ring of power’. “Frodo was the underrated one. Everyone thought he was going to fail. He himself, above all,” reads the poem.

Formerly musk he claimed that “bitcoin is about to gain wide acceptance” among investors, adding that he should have invested in the cryptocurrency eight years ago. At the end of January, the value of bitcoin went up 15.7% in less than 15 minutes after Musk added the hashtag #bitcoin to his Twitter bio.

The recent investment of $ 1.5 billion made by the US company Tesla in bitcoin fueled a new wave of growth for the cryptocurrency. As a result, this Tuesday bitcoin broke a new historical record, surpassing for a brief moment the $ 48,000. It now sells for around $ 45,500, according to the Coindesk portal.