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Summary List PlacementElon Musk isn't one to shy away from speaking his mind on Twitter.
In his latest social media comments, the Tesla chief admitted the price of bitcoin and ethereum "seem high" as the crypto assets hit record highs.
Last night, bitcoin smashed through the $55,000 level, bringing the crypto's market cap to more than $1 trillion. Its latest rally has largely been attributed to Tesla's $1.5 billion purchase revealed in an SEC filing on Feb 8, sending Bitcoin up 16% on the day.
Musk's comment was in reply to Peter Schiff, a well-known crypto skeptic and 'gold bug,' who claimed that gold was a better asset allocation than bitcoin or fiat currency.
Schiff's was quoting Musk's tweet that bitcoin was a "less dumb" version of cash.
"When fiat currency has negative real interest, only a fool wouldn't look elsewhere," Musk tweeted on February 19. "Bitcoin is almost as bs as fiat money. The key word is 'almost.'"
But Musk responded to the veteran stockbroker claiming that: "An email saying you have gold is not the same as having gold. You might as well have crypto. Money is just data that allows us to avoid the inconvenience of barter."
An hour later, the Musk followed up with a post saying: "that said, BTC & ETH do seem high lol."
Bitcoin is now trading 55,563.02, according to exchange site Coinbase. Ethereum has gained 174.20% year-to-date, now trading at $2001.77.
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See Also:
- Tesla's bitcoin investment reportedly made more profit this year than car sales in the whole of 2020
- Tesla may have already earned $600 million on its bitcoin investment, but experts raise concerns
- It's not just Elon Musk — a Tesla board member may have also helped with the automaker's massive bitcoin purchase