Elon Musk, Founder and Chief Engineer of SpaceX, speaks during the Satellite 2020 Conference in Washington, DC, United States on March 9, 2020.
Yasin Ozturk | Anadolu Agency | Getty Images
The price of bitcoin, the world’s most popular cryptocurrency, crossed a major milestone Friday after the market value reached more than $1 trillion, leaving some major backers surprised. Ethereum, the second-largest cryptocurrency, also hit record highs.
“Money is just data that allows us to avoid the inconvenience of barter,” tweeted Musk, a major proponent of digital currencies. “That data, like all data, is subject to latency & error. The system will evolve to that which minimizes both.”
In a following post, Musk added, “that said, BTC & ETH do seem high lol,” in a response to a user who said gold was better than both bitcoin and cash.
Bitcoin was trading at under $54,000 per coin Friday as it hit the new level, and rose above $55,000 later in the session, according to Coin Metrics. The cryptocurrency was trading above $57,000 on Saturday. The price of bitcoin has gained roughly 350% during the past six months.
Ethereum also hit a record $2,040.62 for a weekly gain of roughly 12%. It was trading at $1,996 on Saturday.
The bitcoin surge was driven partly by increased adoption by major investors and companies.