Elon Musk has no plans to divest his Bitcoin, Ethereum and Dogecoin. The Tesla and SpaceX chief said this during a discussion on inflation that he sparked among his followers.
As a general principle, for those looking for advice from this thread, it is generally better to own physical things like a home or stock in companies you think make good products, than dollars when inflation is high.
I still own & won’t sell my Bitcoin, Ethereum or Doge fwiw.
— Elon Musk (@elonmusk) March 14, 2022
Musk cited a Financial Times article about commodity prices rising to their highest levels since 2008 amid fears of disruption to Russia’s supply of raw materials. According to latest data, US annual inflation reached 7.9%, a peak not seen since 1982.
Those looking to take a lesson from this thread would be better off investing in physical assets. Buy a home or shares in a company that makes good products. For what it’s worth, I personally still hold Bitcoin, Ethereum and Dogecoin., — he wrote.
In a tweet, Musk agreed with Michael Saylor. The MicroStrategy chief predicted a collapse of weak fiat currencies and a flight of capital from value stocks, bonds and cash into scarce assets like Bitcoin.
USD consumer inflation will continue near all time highs, and asset inflation will run at double the rate of consumer inflation. Weaker currencies will collapse, and the flight of capital from cash, debt, & value stocks to scarce property like #bitcoin will intensify.
— Michael Saylor⚡️ (@saylor) March 14, 2022
In response to Musk’s tweet, the Dogecoin price surged briefly by about 10%. By the time of writing, DOGE was down 1% over a 24-hour period, according to CoinGecko.
Earlier this year, at the end of February, Sam Bankman-Fried, head of the cryptocurrency exchange FTX, stated that demand for Bitcoin would rise amid economic instability in Eastern Europe.
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