In a tweet released some hours ago by Elon Musk, the world’s richest man, he has disclosed that the price of the leading two cryptos seems to be in overbought territory.
The leader of the world’s most valuable electric car maker was replying to Peter Schiff — a highly revered gold hedge fund manager that is popularly known for his strong bias against crypto assets and has always believed gold was much better than Bitcoin and fiat money.
READ: Red Monday: Investors lose $2 billion trading crypto
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.
— Elon Musk (@elonmusk) February 20, 2021
“Money is just data that allows us to avoid the inconvenience of barter,” Musk said. “That data, like all data, is subject to latency & error.”
In the following post, he added, “that said, BTC & ETH do seem high lol.”
That said, BTC & ETH do seem high lol
— Elon Musk (@elonmusk) February 20, 2021
The world’s most demanded crypto-asset, some hours ago, broke a very important milestone. With the price of Bitcoin breaching $55,000, Bitcoin’s market value has now breached $1 trillion.
Some leading traditional finance experts are also not buying into the flagship crypto bullish run as they see little value in the digital currency on the account that they believe Bitcoin, and other leading Cryptos are just part of a larger speculative bubble.
READ: World’s biggest crypto exchange says Bitcoin will replace gold
However, many crypto experts argue that this could be Bitcoin’s most important milestone to date, as it is now the sixth most-valuable asset worldwide.
At the time of writing this report, Bitcoin traded at $57,207.44 with a daily trading volume of $67.6 billion and is up 4.61% for the day. It is currently valued at $1.067 trillion.
Also, the world’s utility crypto, Ethereum, at press time traded at $1,999.67 with a daily trading volume of $31.4 billion. Ethereum is up 1.88% for the day.
READ: Litecoin displaces XRP as 4th most valuable crypto
With a trillion dollars to its name, Bitcoin has now joined the highly prestigious club of trillionaires, which includes the likes of Apple, Saudi Aramco, Microsoft, Amazon, and Alphabet A.
Still, many crypto pundits are dueling with skeptics for the dominant narrative around the surge, some crypto experts are also of the bias that these popularly known crypto assets are being embraced for their ability to hedge risks such as inflation, while others sense a precarious mania riding atop waves of monetary and fiscal stimulus.
READ: Bill Gates says he doesn’t own Bitcoin, remains neutral about crypto asset
There is no doubt, 2021 continues to shape up as a very exciting year for Bitcoin. The flagship crypto has gotten more credibility in recent days due to blue-chip companies like Mastercard and America’s oldest bank, BNY Mellon, showing support for it.
Mastercard had earlier disclosed that it would open up its network to some cryptocurrencies including Bitcoin.
