The price of bitcoin has rocketed to an all-time high after Elon Musk’s Tesla disclosed that it snapped up $1.5 billion of the cryptocurrency. In a filing with the Securities and Exchange Commission, Tesla confirmed that it had made the staggering purchase in January, and also stated that it soon expects to start accepting bitcoin as a form of payment for its products. After the announcement, bitcoin prices surged to a high of $44,200. Musk has become obsessed with digital currency over the past few months—last week he said he’d become a “late to the party” supporter, and predicted that it would soon gain “broad acceptance by conventional finance people.” Musk has also recently promoted the meme-embracing cryptocurrency dogecoin, which also hit an all-time high after his statements.