Bitcoin and Ethereum prices ‘look high,’ says Musk

Elon Musk, founder and CEO of SpaceX, participates in a press conference at the Kennedy Space Center in Cape Canaveral, Florida, on May 27, 2020 (Saul Martinez / .).

The billionaire’s CEO Elon Musk said on Saturday that the price of bitcoin and ethereum seemed high, at a time when cryptocurrencies have hit record highs, with bitcoin crossing the $ 1 trillion market cap threshold.

The CEO of Tesla Inc, whose recent tweets have fueled the digital currency’s rally, made the comment on Twitter while replying to a user saying that gold was better than bitcoin and conventional cash.

Musk, who commented earlier in the week that he was finding the possibility of keeping bitcoin adventurous for an S&P 500 company, tweeted: « Money is just data that allows us to avoid the downsides of bartering … »

« That being said, BTC and ETH seem high lol, » he added.

Bitcoin, the world’s most popular cryptocurrency, hit a new record in Asian trading on Saturday, extending a two-month rally a day after the digital currency’s market capitalization exceeded $ 1 trillion.

Ethereum or ether is the second largest cryptocurrency by market capitalization and daily volume.

Musk, a fervent proponent of digital currencies, has defended Tesla’s recent purchase of $ 1.5 billion of bitcoins, which has sparked general interest in digital currency.

By Bhargav Acharya