Bitcoin, ethereum prices 'seem high,' says Tesla CEO Elon Musk - Hindustan Times
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Bitcoin, ethereum prices 'seem high,' says Tesla CEO Elon Musk

Reuters |
Feb 20, 2021 10:16 PM IST

The chief executive of Tesla Inc, whose recent tweets have fueled the digital-currency rally, made the remark on Twitter while replying to a user.

Billionaire CEO Elon Musk said on Saturday the price of bitcoin and ethereum seemed high, at a time when the cryptocurrencies have hit record highs, with bitcoin crossing the $1 trillion market capitalization threshold.

Elon Musk, an ardent proponent of digital currencies, has defended Tesla's recent purchase of $1.5 billion of bitcoin.(REUTERS)
Elon Musk, an ardent proponent of digital currencies, has defended Tesla's recent purchase of $1.5 billion of bitcoin.(REUTERS)

The chief executive of Tesla Inc, whose recent tweets have fueled the digital-currency rally, made the remark on Twitter while replying to a user who said that gold was better than both bitcoin and conventional cash.

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Musk, who earlier in the week remarked that he found the prospect of holding bitcoin adventurous for an S&P 500 company, said in a tweet: "Money is just data that allows us to avoid the inconvenience of barter ..."

"That said, BTC & ETH do seem high lol," he added.


Bitcoin, the world's most popular cryptocurrency, hit a fresh high in Asian trading on Saturday, extending a two-month rally a day after the digital currency's market capitalization exceeded $1 trillion.

Ethereum or ether is the second-largest cryptocurrency by market capitalization and daily volume.

Musk, an ardent proponent of digital currencies, has defended Tesla's recent purchase of $1.5 billion of bitcoin, which has ignited mainstream interest in the digital currency.

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