- Elon Musk admitted that Bitcoin and Ethereum’s exchanges with Peter Schiff on Twitter seem to be “high.”
- The Tesla CEO refuted Schiff’s claim, saying that gold is better than cryptocurrency.
- On Friday night, Bitcoin hit a record high, making its market value more than $1 trillion.
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Elon Musk will not shy away from posting his thoughts on Twitter.
In the latest social media comments, Tesla President admitted that as crypto assets reach record highs, the prices of Bitcoin and Ethereum “seem to be high.”
Last night, Bitcoin broke through the $55,000 level, bringing the market value of the cryptocurrency to more than $1 trillion. Its latest gains are mainly attributable to Tesla’s $1.5 billion purchase disclosed in a document filed with the SEC on February 8th, which caused Bitcoin to rise by 16% that day.
Musk’s comments are in response to the well-known cryptocurrency skeptic and “gold worm” Peter Schiff, who claimed that gold distributes assets better than Bitcoin or fiat currencies .
Schiff’s quoted Musk’s tweet, saying that Bitcoin is a “not too stupid” version of cash.
Musk tweeted on February 19: “When fiat currency has a negative interest in real interest rates, only fools will not look for things elsewhere. The price of Bitcoin is almost the same as fiat currency. The key word is’almost’. “
But Musk’s response to the senior stockbroker said: “An email saying that you own gold is not the same as owning gold. You may also own cryptocurrency. Money is just data that can avoid the trouble caused by barter transactions. “
An hour later, Musk published a post saying: “That said, BTC and ETH do look very loud.”
According to data from the exchange website Coinbase, the current trading price of Bitcoin is 55563.02. Since the beginning of the year, Ethereum has risen by 174.20% and is currently trading at US$2001.77.
Get the latest gold price here.