Bitcoin and Ethereum 'seem high', says Elon Musk after his 'less dumb form of cash' tweet drives up rates
Following Elon Musk's previous tweet, Bitcoin witnessed another surge, as the prices peaked to $56,581.57 in Singapore, in the early hours of February 20. Ethereum rate reached a high of $2,041, according to Bitstamp.
February 20, 2021 / 08:30 PM IST
The prices of Bitcoin and Ethereum "seem high", billionaire Elon Musk said on February 20, a day after his "less dumb form of cash" tweet drove up the prices of cryptocurrency.
Musk, while responding to cryptocurrency skeptic Peter Schiff - who claimed that the Tesla founder's last tweet indicated that gold metal was a better option for investment - said both cash and cryptocurrency are "subject to latency and error".
"An email saying you have gold is not the same as having gold. You might as well have crypto. Money is just data that allows us to avoid the inconvenience of barter," Musk said.
In a follow-up tweet, he mentioned that both Bitcoin and Ethereum "do seem high".
Musk on February 19 defended Tesla's purchase of Bitcoin, saying that owning some of the digital currency is "adventurous enough" for an S&P 500 company.
"Tesla's action is not directly reflective of my opinion. Having some Bitcoin, which is simply a less dumb form of liquidity than cash, is adventurous enough for an S&P500 company," Musk had tweeted.
Following his social media post, Bitcoin witnessed another surge, as the prices peaked to $56,581.57 in Singapore, in the early hours of February 20. Ethereum rate reached a high of $2,041, according to Bitstamp.