Bitcoin Declines After Elon Musk Hints That Prices Are Excessive

Bitcoin, world’s biggest cryptocurrency, plummeted as much as 17 per cent on Tuesday, with prices tumbling below $50,000 as investors grew nervous at sky-high valuations.

Bitcoin has been on a tear in recent times, buoyed by acceptance among mainstream investors and companies, such as Tesla Inc, Mastercard Inc and BNY Mellon.

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However, top investor, Elon Musk’s comments over the weekend saying the prices of Bitcoin and Ether “seem high” were viewed as the initial catalyst for the selloff. He lost more than $15 billion in just one day after a plunge in the value of Bitcoin dented his net worth

According to @elonmusk “Bitcoin is almost as BS as fiat money.” So Musk regards both #Bitcoin and fiat as BS. I agree, I just think Bitcoin, which is digital fiat, is even more BS than the paper fiat issued by central banks. #Gold is not BS. It’s real money and better than both!

— Peter ? Schiff (@PeterSchiff) February 19, 2021

Also, Ether, the world’s second largest cryptocurrency by market capitalisation, that often moves in tandem with bitcoin, also dropped more than 20 per cent to $1,410, down over 30 per cent from last week’s record peak.

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