Elon Musk is one of the world’s richest people who has been very vocal within the cryptocurrency sector and has recently revealed what assets he thinks are good to hold, specifically at times when inflation is high.
Elon Musk Is Holding Onto His Cryptocurrency Holdings Which Include Bitcoin
Elon Musk, who is the CEO of Tesla (NASDAQ:TSLA) and SpaceX, made an official Twitter (NYSE:TWTR) post on March 13, 2022, where he revealed that those companies are currently under pressure from increased inflation. Additionally, Musk also shared some perspectives on what assets are better to own as this inflation goes up.
What are your thoughts about probable inflation rate over next few years?Furthermore, Musk also shared an article from the Financial Times, where they discussed the fact that the global commodity prices are on track to see the biggest rally in over 50 years as a direct result of the conflict between Russia and Ukraine.— Elon Musk (@elonmusk) March 13, 2022
The 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.Additionally, Musk also claimed that it is generally better to own physical things such as a home or stock in companies that people think make good products, rather than dollars when inflation is high, and noted that he would not be selling his Bitcoin (BTC), Ethereum (ETH) and Dogecoin (DOGE).— Michael Saylor (@saylor) March 14, 2022
We also saw crypto–focused social media accounts start re-sharing a video from last year, where Bill Gates shared his opinion about Bitcoin and Elon Musk.
On the Flipside
- Bitcoin (BTC), Ethereum (ETH), and Dogecoin (DOGE) have all increased in value throughout 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 through holding onto USD, you might be putting your holdings at risk. The result of this suggestion could result in a lot more people making investments in companies as well as for cryptocurrencies.
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