News
ByAuthor J.D. SmithPosted on
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Elon Musk Compares Crypto to Gold, Says Prices of Bitcoin and Ethereum Seem High

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Billionaire entrepreneur Elon Musk is looking at both gold and crypto and their functions as means of exchange.

In response to gold bug and outspoken Bitcoin critic Peter Schiff’s latest tirade against the leading crypto asset, Musk highlights his view that money is just another form of data that serves the purpose of facilitating transactions.

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“An email saying you have gold is not the same as having gold. You might as well have crypto. Money is just data that allows us to avoid the inconvenience of barter. That data, like all data, is subject to latency & error. The system will evolve to that which minimizes both.”

While the Tesla chief executive has come out to support Bitcoin to the tune of $1.5 billion, he says that he thinks BTC and Ethereum (ETH) are expensive.

Both BTC and Ethereum have hit all-time highs as of late with the flagship crypto asset soaring to $57,505 on February 20th and the leading smart contract platform climbing to $2,036 on the same day.

Binance CEO Changpeng Zhao joins the conversation as well and notes that Musk also thought that Tesla’s stock price was expensive just before shares of the electric automaker ignited a parabolic ascent.

Twitter user Top Tick Crypto echoes Zhao’s sentiments and points out that in May 2020, Musk believed Tesla was overvalued around $150.

“We are here.”

Source: Top Tick Crypto/Twitter

Musk’s latest remarks about Bitcoin and crypto come after the tech magnate changed his Twitter avatar into an image of an anime woman with glowing red eyes “just for a day.”

The SpaceX executive’s antics quickly caught fire and big Bitcoin supporters such as Senator Cynthia Lummis, MicroStrategy CEO Michael Saylor and CoinShares executive Meltem Demirors have also added red laser eyes atop their profile photo enroute to sparking the #LaserRayUntil100k trend. The new trend, which has now become viral, invites members of the crypto community to use laser-eyed social media profile photos to cheer on Bitcoin’s rise to $100,000.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/TTstudio

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