Elon Musk Compares Crypto to Gold, Says Prices of Bitcoin and Ethereum Seem High

Elon Musk Compares Crypto to Gold, Says Prices of Bitcoin and Ethereum Seem High


Billionaire entrepreneur Elon Musk is looking at both gold and crypto and their functions as means of exchange.

In response to gold bug and outspoken Bitcoin critic Peter Schiff’s latest tirade against the leading crypto asset, Musk highlights his view that money is just another form of data that serves the purpose of facilitating transactions.

“An email saying you have gold is not the same as having gold. You might as well have crypto. Money is just data that allows us to avoid the inconvenience of barter. That data, like all data, is subject to latency & error. The system will evolve to that which minimizes both.”

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While the Tesla chief executive has come out to support Bitcoin to the tune of $1.5 billion, he says that he thinks BTC and Ethereum (ETH) are expensive.

That said, BTC & ETH do seem high lol

— Elon Musk (@elonmusk) February 20, 2021

Both BTC and Ethereum have hit all-time highs

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