Bitcoin hit another record high after first reaching over $ 1 trillion in market value, leaving some of its biggest backers in awe.
In a tweet, Elon Musk said Bitcoin prices appear high. The richest person in the world was responding to Peter Schiff – a crypto-skeptic and gold bug – who said the precious metal was better than Bitcoin and fiat money.
Money is just data that allows us to avoid the inconvenience of bartering, Musk tweeted. This data, like all data, is subject to latency and errors. In a following post he added, that said, BTC and ETH seem high lol.
Musk previously called Bitcoin a less dumb version of cash. The largest cryptocurrency rose 3.4% to an all-time high of $ 57,527 on Saturday before pushing gains back to $ 56,062 in New York City. It has jumped 56% since late January and more than quadrupled last year. For several years after its debut over a decade ago, Bitcoin has only traded for pennies.
Crypto believers are fighting with skeptics for the dominant narrative around the rise: the former see an asset adopted for its ability to hedge risks such as inflation, while the latter feel a precarious mania riding waves of monetary and fiscal stimulus.
Traditional finance executives who saw little value in the digital currency see the surge as part of a larger bubble. Howard Lutnick, chief executive of Cantor Fitzgerald, said the dramatic rise in Bitcoin and Tesla values was due to retail investors in the same way that led to the surge in GameStop shares in recent months. Tesla gained more than 700% last year.
With all due respect: what has Tesla been? Why was Tesla standing? Lutnick said Friday on Bloomberg TV. This is because the retail business kept buying it. Why is Bitcoin where it is? Because the retail business keeps buying it. It’s just another form of the same thing. GameStop was Bitcoin and Tesla.
Still, investors haven’t noticed the outperformance over traditional assets. The Bloomberg Galaxy Crypto Index has dominated returns on stocks, gold, commodities and bonds so far this year.
Advocates such as former hedge fund manager and Galaxy Digital founder Mike Novogratz are looking to position themselves for even bigger gains.
The Galaxys trading desk is one of several providers of Bitcoin for Bitcoin ETF purposes, the first ever to be approved. The Toronto Stock Exchange-listed fund debuted last Thursday. CI Global Asset Management deposited this week in Canada to offer the CI Galaxy Bitcoin ETF. Galaxy Digital will act as the Bitcoin sub-advisor and execute trades on behalf of the proposed ETF. None have been approved in the United States.
Crypto is institutionalized at an accelerating rate, Novogratz said in an interview with Bloomberg. It’s all part of this accelerated evolution of being a store of value.
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