(Reuters) – Billionaire CEO Elon Musk stated on Saturday the worth of bitcoin and ethereum appeared excessive, at a time when the cryptocurrencies have hit document highs, with bitcoin crossing the $1 trillion market-capitalization threshold.
The chief govt of Tesla Inc, whose latest tweets have fueled the digital-currency rally, made the comment on Twitter whereas replying to a consumer who stated that gold was higher than each bitcoin and standard money.
Musk, who earlier within the week remarked that he discovered the prospect of holding bitcoin adventurous for an S&P 500 firm, stated in a tweet: “Cash is simply information that permits us to keep away from the inconvenience of barter …”
“That stated, BTC & ETH do appear excessive lol,” he added.
Bitcoin, the world’s hottest cryptocurrency, hit a recent excessive in Asian buying and selling on Saturday, extending a two-month rally a day after the digital forex’s market capitalization exceeded $1 trillion.
Ethereum or ether is the second-largest cryptocurrency by market capitalization and every day quantity.
Musk, an ardent proponent of digital currencies, has defended Tesla’s latest buy of $1.5 billion of bitcoin, which has ignited mainstream curiosity within the digital forex.
Reporting by Bhargav Acharya in Bengaluru; Modifying by Matthew Lewis