SpaceX Founder and Chief Engineer Elon Musk speaks during the Satellite 2020 conference on March 9, 2020 in Washington, DC, United States.
Yasin Ozturk | Anadolu Agency | Getty Images
The price of Bitcoin, the world’s most popular cryptocurrency, passed a major milestone on Friday after its market value hit more than $ 1 trillion, surprising some big supporters. Ethereum, the second largest cryptocurrency, also hit record highs.
“Money is just data we can use to avoid the inconvenience of bartering,” tweeted Musk, a major advocate of digital currencies. “This data, like all data, is subject to latency and errors. The system will evolve to minimize both.”
In a subsequent post, Musk added, “that is, BTC & ETH seem high” in response to a user who said gold is better than bitcoin and cash.
Bitcoin was trading below $ 54,000 per coin on Friday as it hit the new level rose over $ 55,000 later in the sessionaccording to Coin Metrics. The cryptocurrency traded above $ 57,000 on Saturday. Bitcoin price has increased by around 350% in the past six months.
Ethereum also hit a record $ 2,040.62 for a weekly profit of around 12%. It was trading at $ 1,996 on Saturday.
The Bitcoin surge was partly due to increased adoption by major investors and corporations. Bank of New York Mellon said this month that it would pull into the room.
Tesla too At the beginning of this year, part of the balance sheet money was converted into Bitcoin and said it would start accepting digital currency as a means of payment, a move that sparked even more interest in the currency.
– CNBC’s Jesse Pound contributed to the coverage