| BTC/USD | 56,451.9492 | 387.15 | 0.69% | |
| BTC/EUR | 46,584.1406 | 319.52 | 0.69% | |
| BTC/CHF | 50,594.7813 | 318.84 | 0.63% | |
| BTC/JPY | 5,956,894.5000 | 45,164.00 | 0.76% | |
| GBP/BTC | 0.0000 | 0.00 | -0.68% | |
| EUR/BTC | 0.0000 | 0.00 | -0.66% | |
| JPY/BTC | 0.0000 | 0.00 | -1.25% | |
| CHF/BTC | 0.0000 | 0.00 | -0.63% | |
| USD/BTC | 0.0000 | 0.00 | -0.71% | |
| BTC/GBP | 40,275.3594 | 272.09 | 0.68% |
Tesla Billionaire Elon Musk Made A Stark Bitcoin And Ethereum Price Warning As Crypto Market Nears $2 Trillion
Musk made the bitcoin and ethereum price warning during a discussion on Twitter about the nature of money. Replying to gold investor and bitcoin skeptic Peter Schiff, Musk said: "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 minimizes both. That said, bitcoin and ethereum do seem high."
Earlier this week, Musk sought to distance himself from Tesla's $1.5 billion bitcoin-buy, which pushed the price of bitcoin sharply higher when it was revealed.
"Tesla’s action is not directly reflective of my opinion," Musk said via Twitter in response to a Bloomberg interview with the chief executive of bitcoin and cryptocurrency exchange Binance.
"Having some bitcoin, which is simply a less dumb form of liquidity than cash, is adventurous enough for an S&P 500 company ... When fiat currency has negative real interest, only a fool wouldn’t look elsewhere. Bitcoin is almost as bs as fiat money. The key word is 'almost.'"
Bitcoin's mega 2021 rally has seen its price almost double since the beginning of the year thanks to a combination of Wall Street institutional adoption, corporate interest, and retail traders piling into the market.
"There are a number of reasons why bitcoin is soaring, but what stands out most is the trend that MicroStrategy started and Tesla popularised: moving institutional balance sheets into bitcoin to hedge against inflation," Nicholas Pelecanos, head of trading at blockchain network NEM, said in emailed comments.
Ethereum, meanwhile, has benefitted from the rise of decentralized finance (DeFi)—using cryptocurrency technology to recreate traditional financial instruments such as interest, known as "yield," and insurance. Many of the biggest DeFi projects are built on top of ethereum's blockchain, pushing the ethereum price higher as users flood the network.
"We’ve reached an inflection point where people are questioning traditional monetary systems and recognising that there are better, fairer options," Jai Bifulco, chief commercial officer at blockchain-based precious metals exchange Kinesis, said in emailed comments.
The broad bitcoin and cryptocurrency market, made up of thousands of digital tokens, is now worth a staggering $1.7 trillion—up from $800 billion at the beginning of January.
Bitcoin vs. Gold: 10 experts told us which asset they'd
rather hold for the next 10 years, and why
- As bitcoin continues its meteoric run, more investors are now reviewing the longstanding comparison between the famous cryptocurrency and gold.
- Bitcoin crossed the $1 trillion market capitalization mark on Friday, while gold touched $1784.
- Insider surveyed 10 experts to see which asset they'd rather hold for the next ten years-and why.
- Sign up here for our daily newsletter, 10 Things Before the Opening Bell.
As bitcoin continues its meteoric rise, breaching new records and crossing the $1 trillion market capitalization mark in just the last week, more investors are assessing the longstanding comparison between the famous cryptocurrency and an equally well-known asset class: gold.
Both assets, experts say, are often seen as ways to diversify a portfolio or as a hedge against fiat currency inflation brought about by what some observers see as unsustainable fiscal and monetary policies.
Yet, until recently, it was rare to see Wall Street analysts, chief executives, or established investors seriously compare the two assets. Bitcoin, commonly referred to as digital gold, has historically been seen as a risky speculative investment for those looking to profit in the short term. Gold, meanwhile, has always been considered a safe-haven asset.
Now, bitcoin's rapid ascent to over $57,000 per coin, backed by new investments from Tesla and other institutional names, has led some to question whether old assumptions about these assets are correct.
TIPS AND TRICKS
BITCOIN AND ETHEREUM HAVE TAKEN THE MARKET AND DOGE
COIN AND THIS ALL DONE BY ELON MUSK AND I SAID YOU TO INVEST
IN THESE COINS SO THST YOU WILL HAVE PROFIT. THESE HAVE
CRAZE IN MARKET AND THEY WILL RISE A LONG AND IF YOU DON'T
INVEST IT WILL GET HIGH AND IT WILL GET DIFFICULT FOR YOU
TO BUY COINS,STOCKS OF IT AND MINE THEM.
IF YOU WANT TO LEARN BY PROPER EXPERINCE AND WANT NO
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