Summary List Placement
Elon Musk isn’t one to shy away from speaking his mind on Twitter.
In his latest social media comments, the Tesla chief admitted the price of bitcoin and ethereum “seem high” as the crypto assets hit record highs.
Last night, bitcoin smashed through the $55,000 level, bringing the crypto’s market cap to more than $1 trillion. Its latest rally has largely been attributed to Tesla’s $1.5 billion purchase revealed in an SEC filing on Feb 8, sending Bitcoin up 16% on the day.
Musk’s comment was in reply to Peter Schiff, a well-known crypto skeptic and ‘gold bug,’ who claimed that gold was a better asset allocation than bitcoin or fiat currency.
Schiff’s was quoting Musk’s tweet that bitcoin was a “less dumb” version of cash.
“When fiat currency has negative real interest, only a fool wouldn’t look elsewhere,” Musk tweeted on February 19. “Bitcoin is almost as bs as fiat money. The key…