SAINT KITTS: Billionaire Elon Musk said the price of Bitcoin and Ethereum “looks high” as cryptocurrencies reach new records.
He was responding to a tweet from Peter Schiff – a cryptocurrency skeptic and gold bug – who said the precious metal is better than bitcoin and fiat money.
Musk earlier called Bitcoin a “less stupid” version of cash.
“Money is just data that allows us to avoid the hassle of bartering,” Musk tweeted. In a post after that, I added, “However, it looks like BTC & ETH is looking too loud.”
Bitcoin rose to a record high of $ 56,581.57 on Saturday in Singapore. Its price was $ 55,666 as of 8.20 am in London. Only this week, prices have jumped nearly 18%.
Ethereum reached a record high of $ 2,041, according to Bitstamp, setting a record for the third consecutive day. It’s up over 170% this year.