Elon Musk Calls Prices of Ethereum and Bitcoin "High"


The world's richest man is again starting to call assets that he is invested in overvalued.

On Saturday, Billionaire Tesla CEO Elon Musk said the price of bitcoin and ethereum seemed high, according to YahooFinance.

This isn't the first time Musk has commented on the prices of cryptocurrencies, or other assets for that matter. In the past Musk has called the price of Tesla too high and stated that he wanted to take his company private. Bitcoin has been on a tear since the start of the year, largely boosted by Tesla's $1.5 billion investment. The cryptocurrency recently crossed the $1 trillion market capitalization threshold.

Musk was replying to a Twitter user that stated gold was a better investment than bitcoin and conventional cash. "Money is just data that allows us to avoid the inconvenience of barter," he said. Adding: "That said, BTC & ETH do seem high lol." Musk has nearly 50 million followers on Twitter and has moved markets with his posts before.

Musk appears to be bullish on the cryptocurrency, but skeptical of its recent run-up.

Regardless, I believe I speak for many other investors who believe Musk must be held accountable for his public statements regarding assets to his millions of followers.

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Economics, Finance and Investing