Bitcoin hits $1 trillion market cap, surges above $56,000
Bitcoin $57,000! Elon Musk and investors stage ‘speculative attack’ on fiat, expert claims
When you subscribe we will use the information you provide to send you these newsletters.Sometimes they’ll include recommendations for other related newsletters or services we offer.Our Privacy Notice explains more about how we use your data, and your rights.You can unsubscribe at any time.
This week in an attack on fiat money Mr Musk tweeted that companies investing in bitcoin, “is simply a less dumb form of liquidity than cash”. Today the price of bitcoin reached a new all-time high of $57,000 per coin. This comes as the total market capitalisation for bitcoin exceeded $1 trillion during the week.
The astonishing rise of the world’s preeminent cryptocurrency has seen weekly gains of 14 percent and the digital asset has risen by 60 percent since the beginning of February.
Speaking to Express.co.uk bitcoin pioneer Max Keiser said: “Elon Musk, along with other billionaire CEOs, is staging a ‘speculative attack’ on fiat money and by extension, government regulators and the central banks.
“This is part of the Global Insurrection Against Banker Occupation (GIABO) that was started post-Occupy Wall Street.
“We are seeing the equivalent of a Civil War being fought between billionaires and the bankers who have traditionally been allies.
“Bitcoin is uncensorable, unconfiscatable, digital gold that gives anyone who owns it a way to opt-out and defund any fiat money-based state including Britain and the United States.”
Recently, Elon Musk has been making mischievous bitcoin tweets that could see him falling foul of market regulators.
After he began tweeting about bitcoin in earnest, the cryptocurrency’s price began to soar.
However, during the week Mr Musk appeared to have had a change of heart regarding bitcoin.
Mr Musk was responding to provocative comments from cryptocurrency trading platform Binance CEO Changpeng Zhao, who was questioning Mr Musk’s recent criticism of bitcoin.
Binance CEO Changpeng Zhao tweeted: “I’m surprised Elon’s so gung-ho on Dogecoin.
“But, this is the free decentralised world, anybody can like anything, he can like Dogecoin, and I strongly believe he isn’t associated with Dogecoin in any way.
“It’s one of those coins that started as a joke and is gaining popularity over time for various reasons that nobody expected.
Chinese government ramps up trials for digital currency to rival the dollar [REPORT]
Artist praised by Michael Caine launches ‘Universe’ collection for cryptocurrency market [REPORT]
Martin Lewis’ Bitcoin warning revealed: ‘You could lose everything!’ [INSIGHT]
“But the fact is that Tesla bought Bitcoin, not Dogecoin, so I think Elon likes it a lot personally.”
This triggered a sharp response from Mr Musk which could see him gaining the undue attention of the US Securities and Exchange Commission.
Mr Musk replied to Mr Zhao tweet by stating, “Tesla’s action is not directly reflective of my opinion”.
He added: “Having some bitcoin, which is simply a less dumb form of liquidity than cash, is adventurous enough for an S&P500 company.”
Mr Musk then added: “To be clear, I am not an investor, I am an engineer.
“I don’t even own any publicly traded stock besides Tesla.
“However, when fiat currency has a negative real interest, only a fool wouldn’t look elsewhere.
“Bitcoin is almost as bs as fiat money.
“The key word is ‘almost’.”
On Friday, an expert speaking to the Crypto AM said: “One week, Elon Musk is changing his social media bio to ‘bitcoin’ and sending the markets into total overdrive, the next he’s essentially labelling it as ‘BS’,”.
The expert added: “No one will be doubting that he has the right to an opinion.
“He also has the right to change that opinion, but if your opinion has so much influence on other people, well, it’s not something that should be taken lightly.
“I’m telling you now, this contrast, this apparent one-eighty, this shift of sentiment, call it what you will, is going to raise eyebrows with the authorities.”
The Daily Express has contacted Elon Musk’s Tesla press office, but has yet to receive a reply.
Peter Schiff Admits Bitcoin Could Reach $100K After BTC Price Soars Past His Expectations – Markets and Prices Bitcoin News
Gold bug Peter Schiff has revised his bitcoin prediction after the price of the cryptocurrency exceeded his expectations, reaching an all-time high above the $50K level. He now says, “I must admit that a move up to $100,000 can’t be ruled out.” Nonetheless, the long-term bitcoin skeptic warns that the price can also drop to zero and one should buy gold instead.
Euro Pacific Capital CEO and host of the Schiff Radio show, Peter Schiff, was mocked by the bitcoin community on Tuesday after the price of bitcoin crossed the $50K mark. The gold bug thought leader had predicted and emphasized repeatedly that bitcoin’s price would never reach that level.
After he was proven wrong on Tuesday, Schiff revised his stance, tweeting:
Now that bitcoin has hit $50,000 I must admit that a move up to $100,000 can’t be ruled out.
Nonetheless, he warned: “A move down to zero can’t be ruled out either. While a temporary move up to $100K is possible, a permanent move down to zero is inevitable.” Schiff proceeded to recommend: “If you don’t want to gamble buy gold.”
The quintessential bitcoin skeptic elaborated: “A financial asset is in a bubble when its price has no relationship to its underlying present value or a reasonable expectation of its future value, and investor conviction in price appreciation is high and fear of loss is low. At $50K bitcoin is the biggest bubble of them all.”
Schiff had been saying since 2019 that the price of bitcoin would never reach $50K. However, he insisted on Tuesday that he was “not wrong” about his prediction, claiming that he only said that “it was highly unlikely.” He tweeted explaining: “I never said it was impossible. Sometimes things that are unlikely to happen, happen.”
However, many users on Twitter accused Schiff of lying, reposting his 2019 tweet as evidence that he did say bitcoin’s price would never get up to $50K. “From the guy who had a $50,000 price target on bitcoin for the year end 2018. My gold forecast came alot closer than your bitcoin forecast. Plus at least gold will eventually hit 5K. Bitcoin will never hit 50K,” Schiff wrote on Aug. 21, 2019.
His son, Spencer Schiff, chimed in and commented on his dad’s 2019 tweet: “Yeah you’d have to be nuts to think bitcoin will ever hit 50K.” Spencer then presumed that Peter Schiff’s next tweet about bitcoin’s price might be:
Future tweet: ‘Now that bitcoin has hit $500,000 I must admit that a move up to $1,000,000 can’t be ruled out. However…’
The $50K bitcoin price has long been the subject of debate between Schiff and Max Keiser, a popular television personality and bitcoin proponent. Keiser has publicly said many times that bitcoin’s price hitting $50K will “trigger” Peter Schiff to panic buy the cryptocurrency. Peter Schiff has so far rejected the notion.
What do you think about Peter Schiff’s bitcoin prediction? Let us know in the comments section below.
Spot-markets for Bitcoin, Bitcoin Cash, Ripple, Litecoin and more. Start your trading here.
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.