Elon Musk says bitcoin seems high after surpassing $1 trillion market cap

Tesla CEO Elon Musk stated Saturday that bitcoin costs "seem high" after the cryptocurrency surged to a different report high this week.

The worth of bitcoin, the world's hottest cryptocurrency, crossed a serious milestone Friday after the market worth reached greater than $1 trillion, leaving some main backers stunned. Ethereum, the second-largest cryptocurrency, additionally hit report highs.

"Money is just data that allows us to avoid the inconvenience of barter," tweeted Musk, a serious proponent of digital currencies. "That data, like all data, is subject to latency & error. The system will evolve to that which minimizes both."

In a following publish, Musk added, "that said, BTC & ETH do seem high lol," in a response to a consumer who stated gold was higher than each bitcoin and money.

Bitcoin was buying and selling at below $54,000 per coin Friday because it hit the brand new stage, and rose above $55,000 later within the session, in line with Coin Metrics. The cryptocurrency was buying and selling above $57,000 on Saturday. The worth of bitcoin has gained roughly 350% through the previous six months.

Ethereum additionally hit a report $2,040.62 for a weekly acquire of roughly 12%. It was buying and selling at $1,996 on Saturday.

The bitcoin surge was pushed partly by elevated adoption by main buyers and corporations. Bank of New York Mellon stated this month that it was transferring into the house.

Tesla additionally transformed a few of its steadiness sheet money into bitcoin earlier this 12 months and stated it will start accepting the digital forex as fee, a transfer that triggered much more curiosity within the forex.

— CNBC's Jesse Pound contributed reporting

Bitcoin hits $56,000Fast Money

primarily based on web site supplies www.cnbc.com

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