Elon Musk, the world’s richest person and Tesla and SpaceX CEO, tweeted that he owns cryptocurrencies Bitcoin, ether, and dogecoin and has no plans to sell them. He had asked on Twitter what his thoughts were on the likely rate of inflation over the next several years.
In response to his tweet, Michael Saylor, the CEO of MicroStrategy Inc. and a prominent Bitcoin bull, stated that USD consumer inflation will remain near all-time highs, while asset inflation will operate at twice the rate of consumer inflation. Weaker currencies will collapse, and capital will flee from cash, debt, and value stocks to scarce property like bitcoin.
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
Bitcoin, which had fallen as much as 3% prior to Musk’s tweet, briefly recovered losses before falling again. The prices of ether and dogecoin have also increased in the last hour, which is the most among the cryptocurrencies tracked by CoinGecko.
Musk is well-known for his cryptocurrency-related social media posts. Last May, he stated that he has not “and will not” sell any Dogecoin, a token created as a joke in 2013 and for which he had become a proponent as the self-proclaimed “Dogefather.” The billionaire also revealed last year that he owns Bitcoin, Ether, and Dogecoin.
According to the company’s most recent earnings report, MicroStrategy reported a $146.6 million non-cash digital asset impairment charge in the fourth quarter, up from $65.2 million the previous quarter.
