Billionaire CEO Elon Musk said on Saturday the price of bitcoin and ethereum seemed high, at a time when the cryptocurrencies have hit record highs, with bitcoin crossing the $1 trillion market-capitalization threshold.
The chief executive of Tesla Inc, whose recent tweets have fueled the digital-currency rally, made the remark on Twitter while replying to a user who said that gold was better than both bitcoin and conventional cash.
Musk, who earlier in the week remarked that he found the prospect of holding bitcoin adventurous for an S&P 500 company, said in a tweet: "Money is just data that allows us to avoid the inconvenience of barter ..."
"That said, BTC & ETH do seem high lol," he added.
@PeterSchiff That said, BTC & ETH do seem high lol
— Elon Musk (@elonmusk) 1613804526000Wanna know what's happening on the crypto front? Join ETMarkets Crypto Conclave on Feb 24
Ethereum or ether is the second-largest cryptocurrency by market capitalization and daily volume.
Musk, an ardent proponent of digital currencies, has defended Tesla's recent purchase of $1.5 billion of bitcoin, which has ignited mainstream interest in the digital currency.
Bitcoins and cryptocurrency have been a hot topic amongst investors for some time now. Whether you are intrigued by the exponential growth that bitcoins have seen, sceptical of its popularity or just intrigued by this new wave, you are sure to have heard about cryptocurrencies. There is one company that has been striving to bring the opportunity to invest in bitcoins to not just a few miners or those who entered the market early but is making bitcoins available systematically with a bitcoin SIP for new investors as well. Bitdroplet - is an investment opportunity by Bitbns.
With the opportunity of investing in bitcoins for as little as Rs 100 a day, on a daily/weekly or monthly basis, Bitdroplet has been making it easier for people to gain a fair understanding and exposure of the crypto market while arbitraging the risk. We spoke to Bitbns founder, Gaurav Dahake and tried to decode cryptocurrencies and bitcoins.
What motivated you to delve into the world of cryptocurrencies?
Bitcoins and cryptocurrencies have been gaining momentum for the past 10 years. However, while most of us are aware of bitcoins, our understanding and personal investments in this avenue are relatively low. We were exploring different avenues that were available for people to get started on bitcoins. We realised that the market lacked a fairly seamless and easy to invest alternative to begin your cryptocurrency investment or trading journey. In December 2017, we started Bitbns and over the past three years, we fine-tuned and highlighted the key challenges people face when investing in Bitcoins or cryptocurrencies.
One key factor contributing to the hesitation is that the market is fairly volatile. It becomes really hard to figure out when to enter or exit the market. Many had entered the cryptocurrency market when the price was extremely high. Some had entered bitcoin when it was 10 lakhs / 12 lakh or 14 lakhs, and they were stuck with that investment for over three years, until bitcoin reached this target recently in December 2020. That’s when we got into formulating a plan to help people kind of systematically invest in Bitcoins. And the idea for Bitdroplet was created. We are an easy to use systemic option that you can use to invest in bitcoins and other popular cryptocurrencies - like ethereum.
What went into the development of Bitdroplet? What sort of returns can you expect with Bitcoin SIPs?
Bitcoins have been one of the best-performing assets in the last decade, and have given exceptional returns. So we started looking at all the different avenues that people have while looking to systematically invest. Like - stocks with mutual funds, gold with monthly schemes or sovereign bonds, and more traditional investments of RDs. We also started analysing what the returns of these options have been as compared to bitcoins. We created a calculator that tried to capture where our return would stand if we systematically started investing in mutual funds, fixed deposits, recurring deposits, gold or of course, bitcoins.
We looked into the past performance data of these assets and saw that systematically investing in Bitcoins has outperformed other elements by a significant amount. Our tool highlights this fact to investors as well. Where you can simply enter the money that you are planning to invest in Bitdroplet with the time span you are looking to invest, and the tool will show you an instant comparison of the expected returns. Bitdroplet offers a comparatively smarter and more manageable exposure into bitcoins for investors who are testing waters.
With the opportunity of investing in bitcoins for as little as Rs 100 a day, on a daily/weekly or monthly basis, Bitdroplet has been making it easier for people to gain a fair understanding and exposure of the crypto market while arbitraging the risk. We spoke to Bitbns founder, Gaurav Dahake and tried to decode cryptocurrencies and bitcoins.
What motivated you to delve into the world of cryptocurrencies?
Bitcoins and cryptocurrencies have been gaining momentum for the past 10 years. However, while most of us are aware of bitcoins, our understanding and personal investments in this avenue are relatively low. We were exploring different avenues that were available for people to get started on bitcoins. We realised that the market lacked a fairly seamless and easy to invest alternative to begin your cryptocurrency investment or trading journey. In December 2017, we started Bitbns and over the past three years, we fine-tuned and highlighted the key challenges people face when investing in Bitcoins or cryptocurrencies.
One key factor contributing to the hesitation is that the market is fairly volatile. It becomes really hard to figure out when to enter or exit the market. Many had entered the cryptocurrency market when the price was extremely high. Some had entered bitcoin when it was 10 lakhs / 12 lakh or 14 lakhs, and they were stuck with that investment for over three years, until bitcoin reached this target recently in December 2020. That’s when we got into formulating a plan to help people kind of systematically invest in Bitcoins. And the idea for Bitdroplet was created. We are an easy to use systemic option that you can use to invest in bitcoins and other popular cryptocurrencies - like ethereum.
What went into the development of Bitdroplet? What sort of returns can you expect with Bitcoin SIPs?
Bitcoins have been one of the best-performing assets in the last decade, and have given exceptional returns. So we started looking at all the different avenues that people have while looking to systematically invest. Like - stocks with mutual funds, gold with monthly schemes or sovereign bonds, and more traditional investments of RDs. We also started analysing what the returns of these options have been as compared to bitcoins. We created a calculator that tried to capture where our return would stand if we systematically started investing in mutual funds, fixed deposits, recurring deposits, gold or of course, bitcoins.
We looked into the past performance data of these assets and saw that systematically investing in Bitcoins has outperformed other elements by a significant amount. Our tool highlights this fact to investors as well. Where you can simply enter the money that you are planning to invest in Bitdroplet with the time span you are looking to invest, and the tool will show you an instant comparison of the expected returns. Bitdroplet offers a comparatively smarter and more manageable exposure into bitcoins for investors who are testing waters.
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