[서울신문] Whenever I open virtual currency… Musk “Bitcoin is too expensive”

Elon Musk, Tesla CEO, admitted that the price of bitcoin is too high. Bitcoin’s market cap exceeded $1 trillion (about KRW 1107 trillion), and analysts say he warned of overheating in bitcoin investment, who raised the price by mentioning bitcoin on social media (SNS).

According to Reuters, CEO Musk wrote on Twitter on the 20th (local time) that “Bitcoin and Ethereum prices seem to be high.” It’s been a day since I evaluated Bitcoin as “a less stupid form of liquidity than cash.” He commented on an article written by Europacific Capital CEO Peter Seef, a Bitcoin skeptic and gold advocate, “Gold is better than Bitcoin and cash.”

“Money is only data that avoids the inconvenience of barter,” Musk said. “It is affected by problems or errors in which real-time information is reflected late like other data.” “The system will evolve toward minimizing both,” he said. “Although it is, the price of Bitcoin and Ethereum seems to be high.” According to the analysis, Musk warned of overheating of virtual asset investment.

The US economic journal Forbes said on the day, “CEO Musk, who raised the market cap to 10 billion dollars by tweeting about Dogecoin, a cryptocurrency based on memes (memes, pictures or videos created by imitation of buzzwords on the Internet) I warned about the price,” he commented. Business Insider also said, “The Musk CEO admitted that the prices of Bitcoin and Ethereum are high.”

Musk’s CEO recently fueled the rise of Bitcoin. Last month, he wrote’Bitcoin’ in his self-introduction section on Twitter, and also publicly supported it, saying, “Bitcoin is a good thing” at the clubhouse, a voice-based chat app earlier this month. Tesla’s $1.5 billion bitcoin investment on the 8th struck the rally. Just one day after the announcement, Bitcoin rose more than 20%, surpassing the 50 million won level (about 47,000 dollars) for the first time. As of 11:30 a.m. on the 21st (Korean time), it is trading at around $56,488. Nicholas Pelecanos, the head of cryptocurrency trading company NEM, assessed the reason for the soaring bitcoin, “MicroStrategy is on fire, and Tesla has made it popular.” Enterprise software company MicroStrategy has been buying bitcoin by storm since last year. It has converted many of its cash assets into 71,000 bitcoins and is now worth more than $4 billion. CEO Michael Sailor also recommended Musk to convert Tesla’s cash into Bitcoin.

In the midst of this, Bill Gates, a technical advisor at Microsoft (MS), who criticized bitcoin in the past, changed his position toward bitcoin to’neutral’. In 2018, he said in a media interview that “investing in bitcoin is perfectly aligned with the’idiot theory’.” But adviser Gates said in an interview with CNBC, a US economics channel, that “I do not have a skeptical view of Bitcoin.”

Senior Reporter Kyu-Hwan Kim [email protected]