The price of Bitcoin climbed up to $58,200 and now 1 Bitcoin is worth more than a kilo of gold, valued at almost $57,000.
Despite intra-conference liquidations, Bitcoin took a leap from $54,000 to $58,200, setting a new all-time high with a total valuation of 1.1 trillion.
The total value of all crypto currencies has reached $1.77 trillion.
A Bitcoin with a price of more than $58.200 is now worth more than one kilo of gold, which happens for the first time in history, setting a new high record that not only has a symbolic meaning, but also shows the power of crypto currencies.
Peter Schiff, known in the world of gold, said he had managed to entice Tesla Musk into a discussion about comparing gold to Bitcoin.
Schiff told Musk: “I agree, I think Bitcoin is different from digital fiat, although they have one thing in common and that is that they are not fiat money that banks issue.
Gold is more valuable than both cryptocurrencies and digital currencies.
The CEO of Tesla responded to Schiff by saying that when you buy gold contracts it does not mean that you are buying gold. You may also have cryptocurrencies “.
Musk argued that in both cases, currencies are “simple data that allow us to avoid the hassle of trading.”
Musk suggests that technologies such as Bitcoin need more security. Many “experts” have made arguments against Bitcoin in the last decade.
Bitcoin as a cryptocurrency has shown many volatile cycles, launches, records incredible rallies, while there has been a period of decline of up to 80% before resuming its upward trend.
Peter Schiff has been sceptical of Bitcoin on many occasions. Now that Bitcoin has surpassed $ 50,000, he admits that a move of up to $100,000 cannot be ruled out by adding… however, zeroing in on Bitcoin cannot be ruled out.
What Harvard Rogoff supports
In addition, Kenneth Rogoff, a professor at Harvard University, appears to be a forerunner of Bitcoin.
“I am skeptical about Bitcoin, the price is rising but there are many questions”, “Is Bitcoin valuable because people think it is valuable? Bitcoin is a bubble that will burst “.
Cryptocurrencies -and the most famous one of them- Bitcoin is not technically supported by anything, and is also not linked to the debt or GDP of any particular country.
It is a technical currency, which has no borders and allows users to hold it and control their own funds, as well as to trade globally at high speed.