‘I Still Own and Won’t Sell My Bitcoin, Ethereum or Doge’, Says Elon Musk
Table of contents
Elon Musk Gives Out Inflation Advice
On March 14, Tesla and SpaceX CEO, Elon Musk posted a question on Twitter about the likely rate of inflation over the next few years.
Michael Saylor, the chief executive of MicroStrategy and a prominent Bitcoin bull replied to Musk saying:
"consumer inflation will continue near all-time highs, and asset inflation will run at double the rate of consumer inflation" adding: "weaker currencies will collapse, and the flight of capital from cash, debt, and value stocks to scarce property like bitcoin will intensify."
MicroStrategy pivoted to bitcoin acquisitions over the last couple of years and currently holds just over 125,000 bitcoins, valued at $4.8 billion at the time of writing.
"It is not entirely unpredictable that you would reach that conclusion," Musk responded, referring to Saylor's comments.
Musk, who is also the world’s richest person on earth, said he still owns and "won't sell" his bitcoin, ethereum and dogecoin, advising people not to hold dollars when inflation is high.
"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,"adding, "I still own and won't sell my bitcoin, ethereum or doge for what it's worth."
BTC, ETH, DOGE Jumped Following Musk's Tweets
Bitcoin (BTC), Ether (ETH), and Dogecoin (DOGE) got a quick boost on Monday after the Tesla boss tweeted that he isn’t planning to sell his crypto holdings.
Bitcoin, which had fallen as much as 2.9 percent before Musk’s tweet, briefly erased some of the losses before retreating again. While Ether was up as much as 2.3 percent before giving up some gains. Dogecoin’s 3.8 percent increase over the past hour was the biggest gain among cryptocurrencies, according to CoinGecko.