Elon Musk, Founder and Chief Engineer of SpaceX, will speak at the Satellite 2020 Conference in Washington, DC, United States on March 9, 2020.
Yasin Ozturk | Anadolu Group Getty Images
Tesla CEO Elon Musk said Saturday that bitcoin prices are “looking high” after the cryptocurrency surrendered to another record high this week.
The price of bitcoin, the most popular cryptocurrency in the world, went over a huge milestone on Friday after the market value reached more than $ 1 trillion, leaving some big fans surprised. Ethereum, the second largest cryptocurrency, hit the highest levels.
“Money is just data that allows us to avoid the inconvenience of swapping,” tweeted Musk, a major supporter of digital currencies. “That data, like all data, is subject to error & error. The system will come to a level that reduces both.”
In a subsequent post, Musk added, “that said, BTC & ETH looks high lol,” in response to a user who said that gold was better than both bitcoin and silver.
Bitcoin traded at less than $ 54,000 per coin on Friday as 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. The price of bitcoin has gained around 350% in the last six months.
Ethereum also hit $ 2,040.62 higher for a weekly gain of about 12%. It was trading at $ 1,996 on Saturday.
The rise of bitcoin was driven in part by increased adoption by major investors and companies. Bank of New York Mellon said last month it was moving into the area.
Tesla converted some of its balancing currency to bitcoin earlier this year and said it would begin accepting digital currency as payment, a move that encouraged even more interest in the currency.
– Jesse Pound from CNBC reported