Billionaire CEO Elon Musk has said that the new market cap of $1trn, in the case of Bitcoin, was unnaturally high.
While he didn't advise any action, not least because he could get in trouble with SEC, Musk did respond to a user who made a statement that gold was still better than Bitcoin as a storage asset.
Musk responded that money is data that allows people to avoid the “inconvenience of barter.” He added: “That said, BTC & ETH do seem high.”
His comments preceded a rally that pushed the price of Bitcoin to $58,000 setting a new record and bolstering its market capitalization past the $1trn mark. Ethereum remains second by market capitalization still.
Since the $58,000 rally, the price of Bitcoin has dropped down to $54,329.29, or down 3.99% in the past 24 hours, but up 14.14% in the past seven days. As the value of Bitcoin increases, so does interest in crypto gaming solutions.