Bitcoin and Ethereum in lockstep on new records – and Elon Musk finds them too expensive
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The two largest cryptocurrencies Bitcoin and Ethereum each reached new record highs on the weekend. Tesla boss Elon Musk, meanwhile, seems to be stepping on the euphoria brakes.
On Friday, Elon Musk had described Bitcoin on Twitter as almost as bad as fiat money, using the abbreviation bs for bullshit. But that couldn’t stop Bitcoin’s soaring – on the contrary. The world’s largest cryptocurrency reached a market capitalization of $ 1 trillion. On Saturday, the Bitcoin and Ethereum prices reached new record values again.
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Bitcoin cracks $ 57,500, Ethereum $ 2,000
While the Bitcoin price remained just below the $ 55,000 mark on Friday, it continued to rise sharply on Saturday. Was over according to Coinmarketcap only past the $ 57,500 mark. And the price of Ethereum / Ether, the second largest crypto currency behind Bitcoin, also reached a new all-time high: $ 2,000. While Bitcoin continues to rise towards the $ 60,000 mark on Sunday, Ethereum / Ether is still hovering around the 2,000 mark.
In view of this development, a comment from Elon Musk should of course not be missing. Bitcoin and Ethereum appeared too high, Musk wrote on Twitter. However, this statement was preceded by a response from Musk to crypto critic and gold trader Peter Schiff. He wanted to turn Musk’s Bitcoin money bullshit message off as if gold were the only real alternative.
Elon Musk: Money replaces barter
Musk said, among other things, that money is only data that allows people to avoid bartering. The system will evolve to minimize latency and errors. Against this background, according to Musk, BTC and ETH seemed too high. After that he put a lol. Musk had previously stated that gold could also be replaced by crypto as security for money at banks.
That said, BTC & ETH do seem high lol
– Elon Musk (@elonmusk) February 20, 2021
Depending on how you look at it, Musk’s response to the sharp critic of crypto currencies, Schiff, could also be rated as a vote of confidence in Bitcoin and Co. The Tesla boss recently pushed the rate of the fun currency Dogecoin up with a few mentions on Twitter. The Bitcoin course has recently benefited several times from Musk’s support tweets and Tesla’s 1.5 billion investment.
Ether future drives Ethereum price
For the positive development at Ethereum, the start of the Ether Future on the world’s largest futures exchange, CME, seems to be like that Handelsblatt writes. The price has risen by more than 170 percent since the beginning of the year. Overall, the increasing interest of professional investors in Bitcoin and Co. is driving the crypto market. All cryptocurrencies together now have a market value of $ 1.8 trillion. In the wake of Bitcoin and Ethereum, the prices of most Altcoins are currently also rising. The Binance Coin is currently at the forefront.
