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Elon Musk says bitcoin seems high after surpassing $1 trillion market cap


Elon Musk, Founder and Chief Engineer of SpaceX, speaks in the course of the Satellite 2020 Conference in Washington, DC, United States on March 9, 2020.

Yasin Ozturk | Anadolu Agency | Getty Images

Tesla CEO Elon Musk mentioned Saturday that bitcoin costs “seem high” after the cryptocurrency surged to a different file high this week.

The value of bitcoin, the world’s hottest cryptocurrency, crossed a significant milestone Friday after the market worth reached greater than $1 trillion, leaving some main backers stunned. Ethereum, the second-largest cryptocurrency, additionally hit file highs.

“Money is just data that allows us to avoid the inconvenience of barter,” tweeted Musk, a significant proponent of digital currencies. “That data, like all data, is subject to latency & error. The system will evolve to that which minimizes both.”

In a following put up, Musk added, “that said, BTC & ETH do seem high lol,” in a response to a consumer who mentioned gold was higher than each bitcoin and money.

Bitcoin was buying and selling at below $54,000 per coin Friday because it hit the brand new degree, and rose above $55,000 later within the session, in accordance with Coin Metrics. The cryptocurrency was buying and selling above $57,000 on Saturday. The value of bitcoin has gained roughly 350% in the course of the previous six months.

Ethereum additionally hit a file $2,040.62 for a weekly acquire of roughly 12%. It was buying and selling at $1,996 on Saturday.

The bitcoin surge was pushed partly by elevated adoption by main traders and firms. Bank of New York Mellon mentioned this month that it was shifting into the area.

Tesla additionally transformed a few of its stability sheet money into bitcoin earlier this yr and mentioned it could start accepting the digital forex as cost, a transfer that triggered much more curiosity within the forex.

— CNBC’s Jesse Pound contributed reporting



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