(Reuters) – Billionaire CEO Elon Musk said Saturday that the price of bitcoin and ethereum looked high, at a time when cryptocurrencies have peaked, with bitcoin crossing the $ 1 trillion market capital threshold .
The head of Tesla Inc, whose tweets have recently promoted the digital currency rally, made the statement on Twitter in response to a user who said that gold was better than both bitcoin and ordinary money.
Musk, who said earlier in the week that he planned to hold something attractive for the S&P 500 company, said in a tweet: “Money is just data that allows us to avoid the inconvenience of swapping …”
That said, BTC & ETH looks high lol, ”he said.
Bitcoin, the world’s most popular cryptocurrency, hit a new high in Asian trading on Saturday, extending a two-month daily rally after the market capitalization of the digital currency exceeded $ 1 trillion.
Ethereum or ether is the second largest cryptocurrency by market capitalization and daily measurement.
Musk, a staunch proponent of digital funding, has defended Tesla’s recent purchase of $ 1.5 billion of bitcoin, which has ignited mainstream interest in digital currency.
Reporting by Bhargav Acharya in Bengaluru; Edited by Matthew Lewis