Monday , March 8 2021

Bitcoin and ethereum rates seem high

With his SpaceX space program, the goal is usually high, but not necessarily with cryptocurrencies: Elon Musk
Image: EPA

The digital currency Bitcoin has been on the rise for a long time – especially since Tesla participated with an investment of 1.5 billion. Now Elon Musk, a fan of cryptography, is finding high record prices.

T.esle boss Elon Musk is back in the debate on digital currencies. Bitcoin and Ethereum prices seemed high, Musk wrote on the Twitter short message service on Saturday. The billionaire responded to a tweet from a user who said that gold is better than bitcoin and cash. The head of the electronic car manufacturer added that money is only data that can avoid the inconvenience of exchange. In addition, prices for Bitcoin and Ethereum seemed high. Both cryptocurrencies recently set new records.

Bitcoin is a purely digital currency that can be used to anonymously send money around the world in seconds. Cyber ​​currency broke the sound barrier in a record hunt on Friday: for the first time, according to data provider CoinMarketCap, all Bitcoin in circulation was worth more than a trillion dollars. The price of bitcoin climbed to a record $ 57,553 over the weekend.

The Bicoin rally really accelerated only when Tesla announced that it had invested 1.5 billion in Bitcoin. Musk is considered a lover of cryptocurrencies. In the last few weeks, he has given a boost to Bitcoin and other internet currencies with positive tweets.

Although some analysts see the potential for progress, critics warn of the risks of extremely volatile digital currencies, which are difficult to use in the real economy but mostly serve as food for speculators. Current prices are significantly higher than fair value, says JP Morgan.

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