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Tesla boss Elon Musk has re-engaged in the discussion about digital currencies. Bitcoin and Ethereum prices looked high, Musk wrote on Twitter yesterday. The billionaire responded to a tweet from a user saying that gold was better than bitcoin and cash.
The head of the electronic car maker added that the money is just data that can be used to avoid the inconvenience of bartering. Other than that, the prices of Bitcoin and Ethereum seemed high. Both cryptocurrencies had recently hit new records.
Bitcoin is a purely digital currency that can be used to send money anonymously around the world in seconds. The cyber currency broke a sound barrier in its search for records on Friday: For the first time, according to data provider CoinMarketCap, all Bitcoin in circulation was worth more than a trillion dollars. The price of Bitcoin surged to a record high of $ 57,553 over the weekend.
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The Bicoin rally only really accelerated when Tesla announced that it had invested 1.5 billion in Bitcoin. Musk is considered a fan of cryptocurrencies. It had given both Bitcoin and other internet currencies a boost with positive tweets in recent weeks.
While some analysts see greater upside potential, critics warn of the risks of highly volatile digital currencies, which are hardly used in the real economy but primarily serve as fodder for speculation. Current prices are significantly higher than fair value, JP Morgan says.
