In a tweet he shared today, Tesla CEO Elon Musk expressed his concerns about the rising inflation rate as a result of the escalating Russia-Ukraine crisis. Talking about crypto, the entrepreneur said whatever happens despite rising inflation. Bitcoin (BTC), Ethereum (ETH) or Dogecoin (DOGE) announced that it would not sell its assets.
Musk revealed the content of his crypto portfolio at “The B Word,” an online conference he attended in July. During the event, Musk stated that he wanted the largest cryptocurrency to succeed, claiming that he was not interested in raising the price of Bitcoin and selling it.
In October, the entrepreneur clarified that he bought three cryptocurrencies “out of curiosity”, while warning his followers not to invest all their assets in cryptocurrencies. It was also at that time that Musk, who denied investing in Dogecoin rival Shiba Inu, caused the canine cryptocurrency to experience a temporary price drop.
Bitcoin, Ether and Doge are on the rise after announcing that it will not sell
Musk reiterated his bullish stance on crypto, considering the future potential in the crypto and blockchain market. Despite the downtrend in the market, cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH) and Dogecoin (DOGE), immediately after Musk’s tweet, experienced a slight jump, after which they lost the trend.
Notably, the price of the meme cryptocurrency Dogecoin rose more than 9 percent after Tesla CEO Elon Musk confirmed that he would not sell his cryptocurrency holdings.
Explaining that he has Bitcoin, Ethereum and Doge in hand and has no plans to sell them, the entrepreneur also advised on investment and generally said that when inflation is high, it is better to have physical things like stocks or houses in good companies that make good products than dollars. stated.
“As a general principle, for those seeking advice from this thread, it’s better to have physical things like a house or stock in companies you think make good products than dollars when inflation is high. I don’t know if it will work for you, but I have investments in Bitcoin, Ethereum or Doge and I will not sell.”
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
Saylor: “Weak currencies will collapse”
In a post on his Twitter account, the Tesla CEO posted a question to his followers about what the next few possible inflation rates will be in the next few years. Michael Saylor, CEO of MicroStrategy Inc. and a prominent Bitcoin bull, wasted no time in answering the question and succeeded in bringing the subject to Bitcoin:
“US dollar consumer inflation will continue near all-time highs and asset inflation will be twice that of consumer inflation. Weaker currencies will collapse and the flight of capital from stocks of cash, debt and value to scarce properties 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 #bitcoins will intent.
— Michael Saylor⚡️ (@saylor) March 14, 2022
The crypto market has come under pressure once again as the European Union is reportedly trying to pass a bill banning all Proof-of-Work (PoW) cryptocurrencies, citing environmental concerns. The crypto community is waiting for a vote in the controversial Crypto Asset Market (MiCA) framework, as the bill contains a clause that bans all energy-intensive digital assets.
At the time of writing, Bitcoin (BTC) is trading at $39,085, Ethereum (ETH) at $2,589 and Dogecoin (DOGE) at $0.11. Cryptocurrency market cap remains in a range close to $1.80 trillion as prices continue to move sideways.
You can check the price movements here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, KoinFinans and the author of this content cannot be held responsible for personal investment decisions.