‘Bitcoin expensive’… Musk without a shot to instigate the uptrend

■Market cap exceeded $1 trillion

Bitcoin soared 380% in 6 months

Confronting the market ship “200,000 yen” and “bubble”

Yellen “a speculative asset” critical

Elon Musk Tesla Chief Executive Officer. /Reuters Yonhap News

While the market capitalization of the cryptocurrency bitcoin exceeded 1 trillion dollars (about 1,100 trillion won), Elon Musk Tesla CEO, who has fueled the rise in bitcoin prices, stepped back, saying that the price seems to be high. It seems to be moving back and forth, but the controversy over whether Bitcoin is a bubble or not is growing.

According to CNBC, a US economy broadcaster on the 20th (local time), CEO Musk commented on a post by bitcoin skeptics Peter Seef that “gold is better than bitcoin or cash”.

Musk said, “Money is just data that eliminates the inconvenience of bartering,” he said. “But Bitcoin and Ethereum seem to be high.” CNBC said, “Musk said that’bitcoin prices seem high’ after bitcoin’s market cap exceeded $1 trillion.”

On this day, Bitcoin soared to the 56,000 dollar level. It has soared more than 380% over the past six months. Ethereum, the second largest cryptocurrency, also continues to rise. Previously, Tesla disclosed its $1.5 billion purchase of bitcoin, and Musk recently defended bitcoin, saying, “holding bitcoin is a less stupid act than cash.”

However, he changed his position to the excessive increase. “As the cryptocurrency market is heading towards $2 trillion,” Forbes interpreted, “Billionaire Musk warned of the steep movement of Bitcoin and Ethereum.”

In the market, the outlook for bitcoin differs greatly. With some analysts saying that it could go beyond $100,000 to $200,000, Wall Street’s big players are jumping into the bitcoin buy-in process, but on the other hand, there is a strong opposition that the bubble is excessive.

Skybridge Capital’s Anthony Scarramuch, who served as the White House Public Affairs Commissioner, predicts that Bitcoin will go up to $100,000 within the year. Blackrock, the world’s largest asset management company, has also begun to dive into bitcoin investment.

However, after Musk, who supported bitcoin at the forefront, acknowledged the limit and regulators watched bitcoin, there is an expectation that an additional rise is not easy. Earlier, U.S. Treasury Secretary Janet Yellen said that bitcoin is a very speculative asset, and emphasized the importance of regulating and taking responsibility for the institutions that handle bitcoin. US authorities are paying attention that cryptocurrencies, including bitcoin, are used for terrorism and money laundering.

/New York = Correspondent Kim Young-pil [email protected]

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