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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 Elon Musk Says He Isn’t Selling
Elon Musk, in the tweet, shares he owns Bitcoin, Ethereum, or Doge and isn’t planning to sell. Moreover, he also shares his advice that, generally, it is better to own physical things like a home or stock in good companies that make good products, than dollars when inflation is high.
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.”
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
“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.
At the time of press, Bitcoin (BTC) is trading at $38,544, Ethereum (ETH) at $2,570, and DOGE at $0.11. The crypto market cap continues to be in range-bound near $1.72 trillion as prices continue to move sideways.
The crypto market has come under pressure once again ahead of the European Union reportedly working to pass a bill banning all Proof-of-Work (PoW) cryptocurrencies, citing environmental concerns. The crypto community is waiting for voting on the controversial Markets in Crypto Assets (MiCA) framework as it includes a clause to ban all energy-intensive digital assets.
Musk on Rising Inflation
On Sunday, Elon Musk said the electric carmaker Tesla and his rocket company SpaceX are facing significant inflationary pressure in raw materials and logistics.
Musk in a tweet also asked about the inflation rate outlook and said his companies “are not alone”, retweeting an article saying the Ukraine-Russia conflict sent commodity prices to their highest levels since 2008.
Russia’s invasion of Ukraine has been ramping up the prices of metals used in cars, from aluminum in the bodywork to palladium in catalytic converters to the high-grade nickel in electric vehicle batteries, and drivers are likely to foot the bill.
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