Elon Musk is one of the world’s richest people and has been extremely vocal in the cryptocurrency sector. Recently the mogul revealed which assets he believes are good to hold, especially during a time when inflation is high.
Elon Musk Is Holding Onto His Cryptocurrency Holdings – Including Bitcoin
Elon Musk, the CEO of Tesla and SpaceX, made an official Twitter post on March 13th, 2022, where he revealed that the aforementioned companies are currently under pressure due to increased inflation. Additionally, Musk also shared his perspective on which assets it is best to own as inflation rises.
What are your thoughts about probable inflation rate over next few years?— Elon Musk (@elonmusk) March 13, 2022
Musk also shared an article from the Financial Times, in which it was discussed that global commodity prices are on track to see their biggest rally in over 50 years as a direct result of the conflict between Russia and Ukraine.
CEO of MicroStrategy Michael Saylor, replied to Musk’s tweet, claiming that: “USD consumer inflation will continue near all time highs, and asset inflation will run at double the rate of consumer inflation.”
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
Musk further claimed that, when inflation is high, it is generally better to own physical assets such as a home, or stock in companies that people think make good products, rather than dollars, and noted that he would not be selling his Bitcoin (BTC), Ethereum (ETH) or Dogecoin (DOGE).
In Crypto Twitter and other Crypto–focused social media, a video from last year is circulating again in which Bill Gates shared his opinions about Bitcoin and Elon Musk.
On the Flipside
- Bitcoin (BTC), Ethereum (ETH), and Dogecoin (DOGE) have all increased in value over the span of the last 24 hours, according to data from CoinMarketCap.
Why You Should Care
There will always be some level of volatility with any currency, and influential figures believe that by holding onto USD, you might be putting your holdings at risk. The result of this suggestion has been that a lot more people have been making investments into company stocks, as well as into cryptocurrencies.