Elon Musk, chief executive officer (CEO) of Tesla, in a tweet on Monday, shares his concerns over the rising rate of inflation as a result of the escalating Russian-Ukraine crisis.However, despite the rising inflation, he would not sell his Bitcoin, Ethereum, or Doge holdings for what it’s worth.
Musk reiterates his bullish stance on crypto, considering the future potential in the crypto and blockchain market.Interestingly, just after the tweet, cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), and Dogecoin (DOGE) got a quick boost, recording a slight jump in the last one hour.
Bitcoin, Ether, Doge Rises After Musk Says He Isn’t Selling
Elon Musk in the s he owns Bitcoin, Ethereum or Doge and isn’t planning to sell.
He said:
“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.”
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]
This time around, he had posted a question on Twitter about the likely rate of inflation over the next few years.Michael Saylor, the chief executive officer of MicroStrategy Inc.and a prominent Bitcoin bull, replied:
“Weaker currencies will collapse, and the flight of capital from cash, debt, & value stocks to scarce property like #bitcoin will intensify.”
“It is not entirely unpredictable that you would reach that conclusion,” Musk retorted.MicroStrategy took a $147 million impairment charge for the fourth quarter as Bitcoin’s price drop forced the company to write down its holding.
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