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Bitcoin and ethereum prices ‘seem high,’ says Musk

New York - The chief executive of Tesla, 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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Tesla Motors chief executive Elon Musk pauses during a news conference. Musk has defended Tesla’s recent purchase of $1.5 billion of bitcoin, which has ignited mainstream interest in the digital currency — Reuters

By Reuters

Published: Sat 20 Feb 2021, 9:22 PM

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.

The chief executive of Tesla, 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 capitalisation 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. — Reuters

Reuters

Published: Sat 20 Feb 2021, 9:22 PM

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