Elon Musk says bitcoin appears excessive after surpassing $1 trillion market cap
SpaceX Founder and Chief Engineer Elon Musk speaks during the Satellite 2020 conference on March 9, 2020 in Washington, DC, United States.
Yasin Ozturk | Anadolu Agency | Getty Images
Elon Musk, Tesla CEO, said on Saturday that bitcoin prices appear “high” after the cryptocurrency rose to another record high this week.
The price of Bitcoin, the world’s most popular cryptocurrency, passed a major milestone on Friday after its market value hit more than $ 1 trillion, surprising some large financiers. Ethereum, the second largest cryptocurrency, also hit record highs.
“Money is just data we can use to avoid the inconvenience of bartering,” tweeted Musk, a major advocate of digital currencies. “This data, like all data, is subject to latency and errors. The system will evolve to minimize both.”
In a subsequent post, Musk added, “that is, BTC & ETH seem high” in response to a user who said gold is better than bitcoin and cash.
Bitcoin was trading at less than $ 54,000 per coin on Friday when it hit the new level and rose above $ 55,000 later in the session, according to Coin Metrics. The cryptocurrency traded above $ 57,000 on Saturday. Bitcoin price has increased by around 350% in the past six months.
Ethereum also hit a record $ 2,040.62, which translates into a weekly gain of around 12%. It was trading at $ 1,996 on Saturday.
The Bitcoin surge was partly due to increased adoption by major investors and corporations. The Bank of New York Mellon said this month it would be moving into the room.
Tesla also converted some of its balance sheet money to Bitcoin earlier this year and announced it would accept the digital currency as a means of payment, sparking even more interest in the currency.
– CNBC’s Jesse Pound contributed to the coverage