Billionaire Elon Musk said the price of Bitcoin and Ethereum “seem high” as the cryptocurrencies reached new records
Bitcoin surged to another record on Saturday after reaching more than $1 trillion in market value for the first time, leaving some of its biggest backers in a state of wonderment.
He was replying to a tweet by Peter Schiff – a cryptocurrency skeptic and noted gold bug – who said the precious metal is better than Bitcoin and fiat money.
Musk earlier called Bitcoin a “less dumb” version of cash.
Musk earlier called Bitcoin a “less dumb” version of cash. The largest cryptocurrency rose as much as 3.4% to a record high of $57,527 on Saturday before paring gains to $57,040 at 1:26 p.m. in New York. It’s surged 56% since the end of January and more than quadrupled last year. For several years after its debut more than a decade ago, Bitcoin traded for just a few cents.
Ethereum reached a high of $2,041, hitting a record for the third straight day. It has risen more than 170% this year.