NEWS

Bitcoin crossed $53,000 as Elon Musk backs it over cash

By VARINDIA - 2021-02-21

Bitcoin price surged over $53,000 on February 19, as it has recorded it’s market value has reached US$1 trillion for the first time, a surge that’s helping cryptocurrency returns far outstrip the performance of more traditional assets like stocks and gold.

Bitcoin was up as much as 2.4% to $53,263 as of 9:55 a.m. Friday in New York. Just this week, prices have jumped about 10%.

Elon Musk, Tesla Chief Executive Officer said that Tesla's investment in Bitcoin is not directly reflective of his opinion. "When fiat currency has negative real interest, only a fool wouldn't look elsewhere," he said.

Musk has posted a somewhat cryptic tweet Friday that appeared in part to defend the company’s action, saying Bitcoin “is simply a less dumb form of liquidity than cash” while adding that the electric vehicle maker’s decision isn’t directly reflective of my opinion.