“Bitcoin is as ridiculous as fiat money,” said Tesla CEO Elon Musk, Bitcoin nemesis Peter Schiff responded by claiming that Gold is the only trusted asset.
However, Musk opposed Schiff’s claims about Gold with the following words:
“An email saying you own gold is not the same as owning gold. You can also have cryptocurrencies. Money is just data that allows us to avoid the inconvenience of exchange. These data, like all data, are subject to latency and error. The system will evolve to minimize both. ”
Tesla CEO also acknowledged that Bitcoin and Ethereum prices seemed “high” as crypto assets hit record highs. Musk’s comment came in response to Peter Schiff, a well-known crypto skeptic and ‘gold bug’ who claimed that gold is a better asset allocation than Bitcoin or fiat currency.
Last night, Bitcoin surpassed the $ 55,000 level, increasing the market value of crypto to over $ 1 trillion. The recent rally was largely attributed to Tesla’s $ 1.5 billion purchase announced in an SEC file on Feb. 8, and Bitcoin gained 16% that day.
Elon Musk is very active on Twitter and is frequently seen sharing Twitter on a range of topics, including cryptocurrencies. Recently, Musk shared the most about Dogecoin, despite his company purchasing $ 1.5 billion in Bitcoin. This has also caused many new entrepreneurs to invest heavily in Dogecoin.
Finally, at the time of writing, Bitcoin was traded at about $ 55,563.02, while Ethereum was around $ 2001.77. As Musk has stated, the prices are quite high compared to a few months ago. Especially the fact that current prices have moved away from the 200-day moving averages brings up the risk of correction.