Bitcoin’s stupefying rise in 2021 has shocked market watchers as the internet currency coded by an anonymous founder rips up rulebooks around conventional investments to top a $US1 trillion market valuation.

At a record high $US58,332 over the weekend, it’s now doubled in value over less than two months and added 50 per cent in just two weeks since Tesla revealed a $US1.5 billion investment.

The coin’s zealous promotion by Tesla’s Elon Musk has probably done more than anything else to boost sentiment and fuel the latest leg higher.

On February 20, Musk told his 47 million Twitter followers that money is nothing more than data to allow people to avoid the inconvenience of barter for goods or services.

Read the full story at afr.com.