UK investors piled into stocks with a likely strong upside from the increasing traction of Bitcoin after Tesla announced int was to invest $1.5bn in bitcoin.
The electric car giant even revealed that it may accept the currency as payment for its products in the near future, raising expectation that bitcoin is ready to cement itself in society with other big names set to join in.
Following the news, two stocks in particular received a c.20% boost in the early afternoon.
The two UK stocks that investors piled into were Argo Blockchain and Mode Global holdings.
As a miner of cryptocurrency, Argo Blockchain’s fortunes stand to considerably gain following a boost to the ever growing price of bitcoin which is currently at $44,000.
Similarly, Mode Global Holdings is a recently listed company with investments in Bitcoin – but its core business relies on disrupting the traditional finance industry.
Among its offerings include a digital finance application that allows investors to manage both digital and traditional assets in one place and earn interest on Bitcoin.
Mode debuted on the stock market last November and currently has a m.cap of under £50m.