Musk Says "Bitcoin Price Seems High"

[Image source=AP Yonhap News]

[Asia Economy Reporter Byunghee Park] Elon Musk, CEO of the American electric vehicle company Tesla, expressed the opinion that the prices of cryptocurrencies Bitcoin and Ethereum seem high.

On the 20th (local time), according to major foreign media, Musk commented on a tweet by Peter Schiff, a prominent Bitcoin skeptic and gold investment advocate, expressing the view that cryptocurrency prices are high.

When Schiff stated, "Gold is better than Bitcoin and traditional cash," Musk replied, "Money is just data that helps avoid the inconvenience of bartering. That said, the prices of Bitcoin and Ethereum seem high."

Bitcoin has surged 350% over the past six months. Musk has fueled the Bitcoin craze several times. On the 2nd, Musk publicly declared himself a "Bitcoin supporter," and Tesla disclosed on the 8th that it had purchased $1.5 billion worth of Bitcoin.

Bitcoin surpassed $50,000 for the first time ever on the 16th and exceeded a market capitalization of $1 trillion on the 19th. Bitcoin's price has risen 64% since February alone.

On the 19th, Musk also defended Tesla's Bitcoin investment decision, saying, "Holding Bitcoin is a less stupid move than holding cash. When the real interest rate of fiat currency is negative, only fools do not look elsewhere (such as Bitcoin)."