Elon Musk says costs ‘appear excessive’ after Bitcoin hits new excessive

Image Source : AP Elon Musk says costs ‘appear excessive’ after Bitcoin hits new excessive
Tesla CEO Elon Musk, who has been tweeting on cryptocurrencies with higher frequency for a while now, has mentioned that costs of Bitcoin now “seem high”. His feedback got here after Bitcoin’s complete market worth handed $1 trillion for the primary time on Friday, based on information from CoinDesk.

The main cryptocurrency reached an all-time excessive on $57,492 up to now 24 hours, confirmed the information.

In a reply to crypto skeptic and gold bug Peter Schiff, Musk mentioned that “BTC & ETH do seem high.”

Schiff argued that gold was “real money” and higher than each Bitcoin and fiat foreign money.

“An email saying you have gold is not the same as having gold. You might as well have crypto,” Musk mentioned in a tweet on Saturday.

“Money is just data that allows us to avoid the inconvenience of barter. That data, like all data, is subject to latency and error. The system will evolve to that which minimises both,” he added.

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Musk’s electrical automobile firm Tesla earlier this month revealed that it has invested $1.5 billion within the Bitcoin, resulting in a surge within the costs of the cryptocurrency.

Tesla mentioned it’s going to additionally “begin accepting bitcoin as a form of payment” for its merchandise within the close to future.

According to early estimates from analyst Dan Ives at Wedbush Securities, Tesla has already made a revenue of about $1 billion during the last month from its funding in Bitcoin.

“Based on our calculations, we estimate that Tesla so far has made roughly $1 billion of profit over the last monthTo put this in perspective, Tesla is on a trajectory to make more from its Bitcoin investments than profits from selling its (electric vehicle) cars in all of 2020,” Ives wrote in a observe revealed on Saturday.
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