Bitcoin and ethereum prices 'seem high,' says Musk
(Reuters) - 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.
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 capitalization 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.