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Elon Musk says bitcoin seems high after surpassing $1 trillion market value

Elon Musk, Sink and Chief Engineer of SpaceX, speaks during the Satellite 2020 Conference in Washington, DC, United States on March 9, 2020.

Yasin Ozturk | Anadolu Force | Getty Images

Tesla CEO Elon Musk said Saturday that bitcoin prices “seem high” after the cryptocurrency flowed to another record high this week.

The price of bitcoin, the world’s most popular cryptocurrency, crossed a outstanding milestone Friday after the market value reached more than $1 trillion, leaving some pre-eminent backers surprised. Ethereum, the second-largest cryptocurrency, also hit record highs.

“Money is just data that assigns us to avoid the inconvenience of barter,” tweeted Musk, a major proponent of digital currencies. “That data, like all facts, is subject to latency & error. The system will evolve to that which minimizes both.”

In a following post, Musk combined, “that said, BTC & ETH do seem high lol,” in a response to a user who said gold was better than both bitcoin and moolah.

Bitcoin was trading at under $54,000 per coin Friday as it hit the new level, and rose above $55,000 later in the session, according to Stamp Metrics. The cryptocurrency was trading above $57,000 on Saturday. The price of bitcoin has gained roughly 350% during the former six months.

Ethereum also hit a record $2,040.62 for a weekly gain of roughly 12%. It was trading at $1,996 on Saturday.

The bitcoin rush was driven partly by increased adoption by major investors and companies. Bank of New York Mellon said this month that it was mobile into the space.

Tesla also converted some of its balance sheet cash into bitcoin earlier this year and alleged it would begin accepting the digital currency as payment, a move that triggered even more interest in the currency.

— CNBC’s Jesse Drub into contributed reporting

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