Tech Moghul Elon Musk, who has been very actively tweeting on cryptocurrencies for some time now, said on Saturday that the price of bitcoins seemed high.
Musk’s comments came after Bitcoin’s total market value passed $1 trillion for the first time on Friday, according to data from CoinDesk.
The leading cryptocurrency reached an all-time high of $57,492 in the past 24 hours, showed the data.
The chief executive of Tesla Inc., who earlier in the week remarked that he found the prospect of holding bitcoin adventurous for an S&P 500 company, said in a Twitter post, “Money is just data that allows us to avoid the inconvenience of barter ..“
In a reply to crypto skeptic and gold bug Peter Schiff, Musk said that “BTC & ETH do seem high.”
Schiff argued that gold was “real money” and better than both Bitcoin and fiat currency.
“An email saying you have gold is not the same as having gold. You might as well have crypto,” Musk said 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.
Earlier this month, Musk’s electric vehicle company Tesla revealed that it has invested $1.5 billion in Bitcoin, leading to a surge in the prices of the cryptocurrency.
The electric automaker added that it will also “begin accepting bitcoin as a form of payment” for its products in the near future.