Elon Musk, the world’s richest person and Tesla’s and SpaceX’s CEO, tweeted that he holds cryptocurrencies Bitcoin, ether, and dogecoin and has no plans to sell them.
He had asked on Twitter for opinions on the likely rate of inflation over the next few years.
“USD consumer inflation will stay at all-time highs, and asset inflation will run at twice the pace of consumer inflation,” Michael Saylor, CEO of MicroStrategy Inc. and a renowned Bitcoin bull, responded to his tweet.
Weaker currencies will collapse, and money will flee from cash, debt, and value equities to scarce assets like #bitcoin.”
To which, Musk responded, “It is not entirely unpredictable that you would reach that conclusion.”
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 tweeted.
Musk’s Advice On Crypto.
Musk said, “It’s not totally inevitable that you’d come to that conclusion.” MicroStrategy suffered a $147 million impairment charge in the fourth quarter as the business had to write down its Bitcoin position due to the market drop.
Bitcoin, which had dropped as much as 3% prior to Musk’s post, momentarily recovered before receding. The price of ether and dogecoin increased the most in the last hour among the cryptocurrencies tracked by CoinGecko.
Musk is well-known for his cryptocurrency-related social media activities. He announced in May that he hasn’t “and won’t” sell any Dogecoin, a satirical token developed in 2013 that he’d become a supporter as the self-proclaimed “Dogefather.”
The billionaire also announced that he owns Bitcoin, Ether, and Dogecoin last year.