Billionaire Elon Musk said the price of Bitcoin and Ethereum “seem high” as the cryptocurrencies reached new all-time highs. Tesla CEO replied to a tweet by Peter Schiff, a cryptocurrency skeptic and noted gold bug, who said the precious metal is better than Bitcoin and fiat money. Earlier, Elon Musk had called Bitcoin a “less dumb” version of cash. “Money is just data that allows us to avoid the inconvenience of barter,” Musk tweeted. In a tweet following that, he added, “that said, BTC & ETH do seem high lol.”
An email saying you have gold is not the same as having gold. You might as well have crypto.
Money is just data that allows us to avoid the inconvenience of barter.
That data, like all data, is subject to latency & error. The system will evolve to that which minimizes both.
— Elon Musk (@elonmusk) February 20, 2021
Bitcoin jumped above $56,000 as its market cap touched $1 trillion.
Bitcoin rose to a record high of $56,581.57 on early Saturday. At the time of writing, BTC is changing hands at just around $55,500. The price of bitcoin has surged nearly 70% alone in February. Bitcoin’s recent gain has been fueled by big institutions showing interest in the leading cryptocurrency. Bitcoin is continuing to gain mainstream exposure amid the ongoing massive winning rally. The entire market cap of all cryptocurrencies combined has reached nearly $1.7 trillion. Ether, the second-largest cryptocurrency by market capitalization and daily volume, hit a record $2,040.62, for a weekly gain of about 12%.
Elon Musk defends Tesla’s move into bitcoin.
Tesla Inc CEO Elon Musk defended Tesla’s move into bitcoin, saying that owning bitcoin was only a little better than holding conventional cash but that the slight difference made it a better asset to hold. However, when fiat currency has a negative real interest, only a fool wouldn’t look elsewhere,” Musk said in a tweet. “Bitcoin is almost as bs as fiat money. The keyword is almost.” Musk defended Tesla’s BTC investment saying, that the difference with cash made it “adventurous enough” for the S&P 500 company to hold the cryptocurrency.