Elon Musk, Founder and Chief Engineer of SpaceX, speaks in the course of the Satellite tv for pc 2020 Convention in Washington, DC, United States on March 9, 2020.

Yasin Ozturk | Anadolu Company | Getty Pictures

Tesla CEO Elon Musk mentioned Saturday that bitcoin costs “appear excessive” after the cryptocurrency surged to a different document excessive this week.

The value of bitcoin, the world’s hottest cryptocurrency, crossed a significant milestone Friday after the market worth reached greater than $1 trillion, leaving some main backers shocked. Ethereum, the second-largest cryptocurrency, additionally hit document highs.

“Cash is simply information that enables us to keep away from the inconvenience of barter,” tweeted Musk, a significant proponent of digital currencies. “That information, like all information, is topic to latency & error. The system will evolve to that which minimizes each.”

In a following put up, Musk added, “that mentioned, BTC & ETH do appear excessive lol,” in a response to a consumer who mentioned gold was higher than each bitcoin and money.

Bitcoin was buying and selling at beneath $54,000 per coin Friday because it hit the brand new stage, and rose above $55,000 later within the session, in response to Coin Metrics. The cryptocurrency was buying and selling above $57,000 on Saturday. The value of bitcoin has gained roughly 350% in the course of the previous six months.

Ethereum additionally hit a document $2,040.62 for a weekly acquire of roughly 12%. It was buying and selling at $1,996 on Saturday.

The bitcoin surge was pushed partly by elevated adoption by main traders and firms. Financial institution of New York Mellon mentioned this month that it was transferring into the house.

Tesla additionally transformed a few of its steadiness sheet money into bitcoin earlier this yr and mentioned it will start accepting the digital foreign money as fee, a transfer that triggered much more curiosity within the foreign money.

— CNBC’s Jesse Pound contributed reporting

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