Elon Musk Hasn’t Sold His Bitcoin And Reveals Which Assets To Hold During Inflation
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Answer Elon Musk Hasn’t Sold His Bitcoin And Reveals Which Assets To Hold During Inflation
Elon Musk, the world’s richest man, shared his thoughts and opinions on Twitter and revealed that the Tesla-led company is under pressure from rising inflation.
He also shared his opinion on which cryptocurrencies are best to own when inflation is rising.
Elon Musk suggests assets to keep to fight inflation:
In a recent tweet, the man behind Tesla and SpaceX said that the two companies are under pressure from rising inflation that has driven up commodity prices.
As published by “Mask” article In the Financial Times, he discusses the fact that global commodity prices are on track to see their biggest weekly rise in more than 50 years as a result of the war between Russia and Ukraine.
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High inflation figures are also reflected in the US Consumer Price Index.
As the country’s Bureau of Labor Statistics released the figures on March 10th, the index, which is largely used to measure inflation, came in at 7.9%, the highest in decades.
Commenting on Musk’s article, Michael Saylor, CEO of MicroStrategy, said:
Consumer inflation in US dollars will continue to be near all-time highs, and asset inflation will reach twice the rate of consumer inflation.
Weaker currencies will collapse, and capital flight will increase from cash, debt and stocks of value to rare possessions like bitcoin.
Musk responds that it is not surprising that Saylor has reached this conclusion.
In his view, Saylor already owns more than 125,000 BTC, and he is one of the most vocal supporters of the cryptocurrency Bitcoin.
Musk also shared his thoughts on the assets that he thinks are good to hold in light of the current impasse, and said:
As a general principle, for those looking for advice from this topic, it is generally better to own tangible things like a home or stock in companies you think make good products, rather than dollars when inflation is high.
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He also explained that he still owns and does not have any plans to sell his digital currencies, primarily Bitcoin, Ethereum and Dogecoin.
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