BTC Breaks Yet Another Level, $57k, as Elon Musk says, Bitcoin and Ethereum ‘Seem High’
Since making a similar remark on his electric car company, the price of TSLA shares has surged 400%. Tesla CEO is also busy mining his favorite cryptocurrency Dogecoin as a “fun family project.”
The market value of Bitcoin hit the milestone of $1 trillion on Friday as the price of the digital asset broke past many levels.
Today, we went even higher, past $57,000, aiming for the sweet round number of $60k now. As of writing, BTC/USD has been comfortably trading above $57k, with a market cap of $1.06 billion.
With Bitcoin continuing to roar higher, Tesla CEO Elon Musk threw some love at Bitcoin with yet again the picture of Bitcoin in his Twitter profile, but “Just for a day.”
Musk also took a jab at gold bug Peter Schiff, who thinks and talks about Bitcoin day and night, all the time, and this time as well saying gold is real money and better than both fiat and Bitcoin, referring to Musk calling “Bitcoin is almost as BS as fiat money.”
“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.”
Musk explained to Schiff, adding, “That said, BTC & ETH do seem high lol.”
Musk made a similar infamous comment regarding his electric car company back in May last year, “Tesla stock price is too high imo.” Since then, the price of TSLA shares has surged 400%.
Besides Bitcoin, the founder and CEO of SpaceX is also busy mining his favorite cryptocurrency, Dogecoin.
“I just set up some little Doge mining rigs with my kids. It was fun,” said Musk on Saturday. He also shared that he has been using Antminer L3+ rigs to mine the meme coin, which was bought off eBay.
“Not really economic, but it was a fun family project,” he added.
The Next Major Milestone
When it comes to Bitcoin, the leading digital currency is enjoying more than a 92% uptrend in 2021 so far.
Despite the latest round of gains, over 17% this week, the funding rates on Bitcoin perpetual contracts haven’t heated up, currently between 0.0158% on Deribit and 0.1457% on Huobi, as per Viewbase.
While the Perp-spot basis is flat, the basis of the future is sky high while implied volatility is falling and 25-day skew rising, noted trader and economist Alex Kruger adding, “leverage is very high, but inflows are gargantuan.”
Now that the first milestone for $1 trillion has been hit, the next major milestone ahead for Bitcoin is surpassing the market cap of gold which is about $10 trillion. This will put the price of Bitcoin around $500,000.
Qiao Wang of DeFi Alliance has a 90% conviction that it will happen in our lifetime but will this happen during this hype cycle, that’s to be seen.
Before that, going above $100k will make it the world’s largest asset, dethroning Apple. The hopium from Su Zhu, the CEO of Three Arrows Capital,
“This is not yet another cycle; this is the End of Cycles. The one where after BTC flippens gold, it doesn't flip back. The one where web3 supersedes web2. Where culture is collected and accrued digitally instead of physically. Where life is lived mindfully rather than mindlessly.”