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Bitcoin and ethereum prices 'seem high,' says Musk

Published 02/20/2021, 11:43 AM
Updated 02/20/2021, 11:50 AM
© Reuters. FILE PHOTO: Tesla CEO Elon Musk speaks during the E3 gaming convention in Los Angeles

(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.

The chief executive of Tesla (NASDAQ:TSLA) Inc, whose recent tweets have fueled the digital-currency rally, made the remark on Twitter while replying to a user who said that gold was better than both bitcoin and conventional cash.

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.

© Reuters. FILE PHOTO: Tesla CEO Elon Musk speaks during the E3 gaming convention in Los Angeles

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.

Latest comments

he might plan to add one extra billion or two into BTC .. haha
Musk always was a happy, crazy, intelligent cowboy. Likes to play where free money and free regulations takes place. Also like headlines. I imagine him saying : look how I move bitcoin, news or tesla...and boom all followers start looking at him. Is a lottery.
DOGE coin to $1?
All I can say is he's definitely not smoking 'Regs'...
Especially since they are essentially worth nothing really. Bitcoin should have died long ago and been replaced with Ethereum or Litecoin.
bitcoin is a good source of stored value especially since there are a limited supply, but I agree that ethereum will hopefully be just as value if not more than bitcoin
I think he sold all his bitcoins and further shortsell at high rate.
He buy on dips and fool s everone .
So at what point is Tesla actually supposed to start making money? Because so far they've lost money and the only way they are floating is because of subsidies they are getting from tax payers and other car companies forced to pay them for environmental credits.
He already earn what he did not make in 14 years from Tesla now crash will make another profit
Says the guy who have hedges propping up their stock by 800x more than their earnings.
Last time he said this, TSLA stock went fron 1,000 to 1,300.
No he did not make fun, try to understand his code words, definitely crash now
he just make fun of people.. as a speculator
As Elon said its seem high” means he said in code words that going to crash now so be prepare for it
Ha-ha-ha. If a company I hold shares of would buy crypto currs, I would sell it.
Some crazy companies actually took all their cash reserves and put it into crypto. It's insane. If I owned a company and my CEO did that, I'd fire him on the spot. If BTC crashes afterward, that could bring a company down if they can't get a line of credit and have no reserves to operate on.
Thank you crypto expert For your wise words.
"To a user", so Peter Schiff, an expert in Gold and financial markets is just a user... He called the 2008 bubble.
I made some profir with bitcoin last week,, before that i lost a lot  BITCOIN is very volatile..RISKY
Dont trade If you dont know how.
As Elon musk said its seem high” means its going to crash, thats code words he said so prepare for selloff now soon
 You seem nice. I made a ********trading crypto. I quit because doing taxes on it *** He's not wrong. I love volatility because I'm a trader and not a HODLer but the volatility is insane because it's based on what pump and dumpers want to be doing atm. It's not based on any sound reasoning.
The bubble will burst soon
It will correct, then will grow to new heights within a couple years. I don't find 300k or 500k out of the question within 5-10 years, creating a new wave of millionaires and billionaires who's ideas will hopefully empower our future.
and what do you base your forecast on? Why not $800k? Why not $50 million?
 It will correct to what? It's not actually worth anything, so any info on you might have on what BTC should valued at would be really interesting considering no one in the world can currently answer that because BTC is back by nothing except what traders are willing to pay for it, which essentially is an unknown number.
But the headline does not reproduce the way he said it - lol
reminds me McAfee lol
Indeed. I brought the way McCafee wrecked prices for little guys up to him once. His reply - "Not my problem." Musk probably feels the exact same way. Probably doesn't care if he skyrockets the price of a coin or token and then a bunch regular small traders get wrecked.
Hes announcing hes selling.
Nah, he's sold already before he announced.  Don't be silly!
Who cares what Elon announced.
if he is saying he just sold that means tesla made an extra $1B+ this quarter and no longer has to worry about bitcoin volatility. Think about what that does to the stock price.
Bitcoin is the biggest ponzi scheme I’ve ever seen.
The fact people still make this argument
"Old man yells at cloud while world's billionaires and biggest financial institutions talk about and plan daily for a future with virtual currency"
USD is the true ponzi scheme ... Ask the Rothschilds
Musk also sometimes seems to be high.
well , that is the signal for us to buy more Bitcoin......remember when he said TSLA is too high ? TSLA was jumping five fold ........so Bitcoin is going to $250.000 in no time
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