Elon Musk says prices ‘look high’ after Bitcoin hits new high

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Tesla CEO Elon Musk, who has been tweeting cryptocurrencies with greater frequency for some time now, said Bitcoin prices “now look high.”

His comments came after Bitcoin’s total market value surpassed $ 1 trillion for the first time on Friday, according to data from CoinDesk.

The major cryptocurrency hit an all-time high of $ 57,492 in the past 24 hours, the data showed.

In a response to crypto-skeptic and gold bug Peter Schiff, Musk said “BTC & ETH look high”.

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Schiff argued that gold was “real money” and better than Bitcoin and fiat money.

“An email saying you have gold is not the same as gold. You might as well have crypto,” Musk said in a tweet on Saturday.

“Money is just data that allows us to avoid the inconvenience of bartering. This data, like all data, is prone to latency and error. The system will evolve into something that minimizes both.” , he added.

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Musk’s electric vehicle company Tesla revealed earlier this month that it had invested $ 1.5 billion in Bitcoin, causing the cryptocurrency prices to soar.

Tesla said it would also “start accepting bitcoin as a method of payment” for its products in the near future.

According to early estimates from analyst Dan Ives of Wedbush Securities, Tesla has already made a profit of around $ 1 billion in the past month from its investment in Bitcoin.

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“Based on our calculations, we estimate that Tesla has so far made around $ 1 billion in profit over the past month. In all of 2020,” Ives wrote in a note released on Saturday.

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