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“Won’t Sell Bitcoin, Ethereum or Doge”- Elon Musk

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.”

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.”

“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.

Disclaimer

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

About Author

Varinder is a Technical Writer and Editor, Technology Enthusiast, and Analytical Thinker. Fascinated by Disruptive Technologies, he has shared his knowledge about Blockchain, Cryptocurrencies, Artificial Intelligence, and the Internet of Things. He has been associated with the blockchain and cryptocurrency industry for a substantial period and is currently covering all the latest updates and developments in the crypto industry.

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