Bitcoin sets a market cap above $1T while Elon Musk believes its price is overrated
On Saturday, Tesla CEO said that the Bitcoin price seems to be too high after Bitcoin passed 50K.
On Friday, a new milestone was crossed by the world’s number one cryptocurrency by market cap, Bitcoin. $1T was the market value that was reached for, leaving traders and major backers were taken aback.
Elon Musk once again talked about Bitcoin, but this time he believed that its price was not fair and said it’s too high. This happened right after Bitcoin crossed $55K on Friday that helped it reach a market value of $1T which is a historic record so far.
Elon Musk who has been even more active recently regarding cryptocurrencies has tweeted and said a few things regarding money and its value;
“Money is just data that allows us to avoid the inconvenience of barter. That data, like all data, is subject to latency & error. The system will evolve to that which minimizes both.”
He also talked about Bitcoin and Ethereum as a reaction to a user who believed that fold was better than both BTC and ETH. “That said, BTC & ETH do seem high lol”. You can see the tweet here;
Bitcoin has seen more than 350% increase in its price in the past 6 months being traded at $57K. The second most known cryptocurrency, Ethereum, had increased drastically and was being traded at $1,996 on Saturday.
This huge rise has been in part the result of the support received by certain celebrities, investors, and organizations. Elon Musk, Jack Dorsey, Visa, and MasterCard are cases in point as they have either supported or employed Bitcoin in their system and recently the Bank of New York Mellon has shown interest in the realm of cryptocurrencies.
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