Elon Musk, founder and chief engineer of SpaceX, speaks at the Satellite 2020 conference in Washington, DC, USA on March 9, 2020.
Yasin Ozturk | Anadolu Agency | Getty Images
Tesla CEO Elon Musk said on Saturday that bitcoin prices ‘look high’ after the crypto-currency rose to another record high this week.
The price of bitcoin, the world’s most popular cryptocurrency, crossed a major milestone on Friday after the market value reached more than $ 1 trillion dollars, leaving some big fans surprised. Ethereum, the second largest cryptocurrency, also reached record highs.
“Money is just data that enables us to avoid the inconvenience of bartering,” tweeted Musk, a major proponent of digital currencies. “That data, like all data, is subject to delay and error. The system will evolve to what reduces both.”
In a subsequent post, Musk added, “BTC & ETH look very good,” in a response to a user saying gold is better than bitcoin and cash.
Bitcoin traded less than $ 54,000 per coin on Friday when it reached the new level and rose above $ 55,000 later in the session, according to Coin Metrics. The crypto-currency traded above $ 57,000 on Saturday. The price of bitcoin has risen about 350% over the past six months.
Ethereum also achieved a record $ 2,040.62 for a weekly profit of about 12%. It traded at $ 1,996 on Saturday.
The bitcoin boom was driven in part by increasing acceptance by large investors and companies. Bank of New York Mellon said this month that it is moving into space.
Tesla also converted some of its balance sheet cash into bitcoin earlier this year, saying it would accept the digital currency as payment, a move that is causing even more interest in the currency.
– CNesse’s Jesse Pound reported