Elon Musk Says Bitcoin and Ethereum Are Expensive
-Tesla CEO, Elon Musk has said that top Cryptocurrencies, Bitcoin and Ethereum are looking expensive
-The billionaire made this statement on Twitter while replying Peter Schiff, a gold hedge fund manager
-Bitcoin and Etheruem have been on a bullish run, having both reached new ATHs today
Billionaire, Elon Musk believes that major cryptocurrencies, Bitcoin and Ethereum are overbought.
Musk made this statement while replying a gold hedge fund manager, Peter Schiff.
Schiff is known for having negative opinions about cryptocurrencies, believing that Gold is better than cryptos and fiat.
In a tweet, Peter Schiff claimed that Gold is real money and better than cryptos and fiat before Musk replied.
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.
That data, like all data, is subject to latency & error. The system will evolve to that which minimizes both.
— Elon Musk (@elonmusk) February 20, 2021
Read also: Elon Musk reveals Tesla’s reason for investing in Bitcoin and not Dogecoin
The SpaceX CEO replied by telling him that money is only data that allows people to escape the inconvenience of barter. He then added that the price of Bitcoin and ETH are high.
That said, BTC & ETH do seem high lol
— Elon Musk (@elonmusk) February 20, 2021
Bitcoin has been on an uptrend for the past 48 hours. The cryptocurrency reached a new all-time high of $56000, with the market value breaching $1 trillion.
Utility Crypto, Ethereum is also up by 1% or the day. It is trading at $999.67 with a daily trading volume of $31.4 billion.
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