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Elon Musk said that Bitcoin seems to be very high after its market value exceeds $1 trillion



Elon Musk, the founder and chief engineer of SpaceX, speaks at the 2020 Satellite Conference in Washington, DC, USA on March 9, 2020.

Yasin Ozturk | Anadolu Agency | Getty Images

Tesla CEO Elon Musk said on Saturday that the price of Bitcoin “seems to be at a high level”

; after the cryptocurrency surged to another all-time high this week.

On Friday, after a market capitalization of more than $1 trillion, the price of the world’s most popular cryptocurrency, Bitcoin, broke an important milestone and surprised some major supporters. Ethereum, the second largest cryptocurrency, also hit a record high.

“Currency is just data that allows us to avoid the inconvenience of barter transactions,” Musk, a major proponent of digital currencies, tweeted. “This data, like all data, is affected by delays and errors. The system will gradually evolve into a system that minimizes both.”

In a subsequent article, Musk added: “That said, BTC and ETH look really loud,” a user responded that gold is better than Bitcoin and cash.

According to data from Coin Metrics, after Bitcoin reached a new level on Friday, the transaction price was lower than $54,000 per coin and rose to more than $55,000 later in the trading session. On Saturday, cryptocurrency trading prices exceeded $57,000. In the past six months, the price of Bitcoin has risen by approximately 350%.

Ethereum also reached a record $2,040.62, rising about 12% every week. The trading price on Saturday was $1,996.

Part of the reason for Bitcoin’s surge is the increase in adoption by major investors and companies. Bank of New York Mellon said this month that it will enter this area.

Tesla also converted some of the cash on its balance sheet into Bitcoin earlier this year and said it would start accepting digital currency as payment, a move that sparked more interest in the currency.

— CNBC’s Jesse Pound contributed the report


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