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“Money is just Data”, Elon Musk to Peter Schiff over Bitcoin & Gold comparison 

The price of Bitcoin has crossed 56,000 dollars. On Friday, the price of bitcoin gained 8 percent to $56399.99. In addition, bitcoin's market cap has gone beyond a trillion dollars (one lakh million dollars) for the first time. Bitcoin has jumped 14 percent this week and 70 percent so far this month. It has been priced around Rs 40 lakh 62 thousand in India.

By Anukul Chauhan
Updated on :
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Founder and CEO of SpaceX & Tesla, Elon Musk has always been an adherent supporter of cryptocurrency, Bitcoin. The price of Bitcoin has been skyrocketing exponentially since Elon Musk, one of the richest businessmen in the world announced his investment in them.

Among this increase in Bitcoin supremacy, there are some doubters too of this future currency. Raising his doubt, CEO of Europac, Peter Schiff wrote on Twitter that, “According to Elon Musk “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 clearly was on the side of Gold and said it’s real money and better than both ‘Bitcoin’ and ‘fiat money’. 

Elon Musk was quick to reply to Peter and put his point through. Billionaire wrote, “An email saying you have gold is not the same as having gold. You might as well have crypto.

Money is just data that allows us to avoid the inconvenience of barter.

That data, like all data, is subject to latency & error. The system will evolve to that which minimizes both.”

Bitcoin Price Skyrocketing

The price of Bitcoin has crossed 56,000 dollars. On Friday, the price of bitcoin gained 8 percent to $56399.99. In addition, bitcoin’s market cap has gone beyond a trillion dollars (one lakh million dollars) for the first time. Bitcoin has jumped 14 percent this week and 70 percent so far this month. It has been priced around Rs 40 lakh 62 thousand in India.

Tesla has invested $1.5 billion in bitcoin, the world’s largest and popular cryptocurrency, after which the price of Bitcoin is rising rapidly.

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