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[이데일리 김보겸 기자] Elon Musk, Tesla’s CEO, admitted that the price of Bitcoin was expensive. While the market cap of Bitcoin has exceeded $1 trillion, analysts say that he has raised prices by mentioning virtual assets on social media several times, warning of overheating in Bitcoin investment.
On the 20th (local time), Musk wrote on Twitter that “the price of Bitcoin and Ethereum seems to be high.” It’s been a day since I evaluated Bitcoin as “a less stupid form of liquidity than cash.”
Musk commented on a post written by EuroPacific Capital CEO Peter Seef, a Bitcoin skeptic and gold advocate, “Gold is better than Bitcoin and cash.” Musk pointed out, “Money is only data that avoids the inconvenience of bartering. It is affected by problems or errors in which real-time information is reflected late like other data.”
“The system will evolve in the direction of 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. US economic magazine Forbes said, “Musk, who raised the market cap to $10 billion by tweeting about Dogecoin, a virtual asset based on memes (memes, pictures or videos created by imitation of buzzwords on the Internet) I warned.”
Business Insider also evaluated that “Musk admitted that the price of Bitcoin and Ethereum is high.” Reuters reported that “Musk made a statement when the market capitalization of Bitcoin exceeded 1 trillion dollars (about 1100 trillion won).”
Musk recently set fire to the Bitcoin rally. Last month, Musk wrote’Bitcoin’ in the self-introduction section of Twitter, and also publicly supported it, saying, “Bitcoin is a good thing” at the clubhouse, a voice-based chat app earlier this month. On the 8th, Tesla’s $1.5 billion bitcoin investment hit the rally. Just one day after the announcement, Bitcoin rose more than 20%, surpassing the 50 million won level (about $47,000) for the first time. As of 11:30 am on the 21st of Korea time, it is trading at about 62.5 million won (56488 dollars).
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. Many of its cash assets have been converted to 71,000 bitcoins, with a current value of over $4 billion. CEO Michael Sailor also recommended Musk to convert Tesla’s cash into Bitcoin.
In the midst of this, the founder of Microsoft (MS) Bill Gates, who criticized bitcoin in the past, also 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’.” However, he recently told CNBC that he “has no skepticism about Bitcoin.”