Tesla boss Musk appear high for Bitcoin and Ethereum | 02/21/21

Tesla boss Elon Musk has once again got involved in the discussion about digital currencies.

 The  prices of Bitcoin and Ethereum appeared high, wrote Musk on Saturday (local time) on the short message service Twitter.
 The  billionaire responded to a tweet from a user who said gold was better than bitcoin and cash.  The  boss of the e-car builder added that money is only data that can be used to avoid the inconvenience of bartering.

Apart from that, the prices for Bitcoin and Ethereum looked high. Both cryptocurrencies had recently achieved new records.

New all-time records

Bitcoin is a purely digital currency that can be used to send money around the globe in seconds.  The  cyber currency broke a sound barrier in its record hunt on Friday: For the first time, according to data provider CoinMarketCap, all Bitcoin in circulation were worth more than a trillion dollars.  The  Bitcoin price climbed to a record of $ 57,553 over the weekend.

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 The  Bitcoin rally only really picked up speed when Tesla announced it had invested $ 1.5 billion in Bitcoin. Musk is considered a fan of cryptocurrencies. He had given both Bitcoin and other internet currencies a boost with positive tweets in the past few weeks.

While some analysts see further upside potential, critics warn of the risks of highly volatile digital currencies, which are hardly used in the real economy, but mainly serve as fodder for speculators.  The  current prices are significantly higher than the fair value, says JP Morgan.

Bangalore (awp/sda/reu)