(Bloomberg) -- Billionaire Elon Musk said the price of Bitcoin and Ethereum “seem high” as the cryptocurrencies reached new records.
He was replying to a tweet by Peter Schiff -- a cryptocurrency skeptic and noted gold bug -- who said the precious metal is better than Bitcoin and fiat money.
Musk earlier called Bitcoin a “less dumb” version of cash.
“Money is just data that allows us to avoid the inconvenience of barter,” Musk tweeted. In a post following that, he added, “that said, BTC & ETH do seem high lol.”
Read: Bitcoin Hits $1 Trillion Value as Crypto Jump Tops Other Assets
Bitcoin rose to a record $56,581.57 on Saturday in Singapore. It was at $55,666 as of 8:20 a.m. in London. Just this week, prices have jumped almost 18%.
Ethereum reached a high of $2,041, according to Bitstamp, hitting a record for the third straight day. It has risen more than 170% this year.
©2021 Bloomberg L.P.
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