Elon Musk Won't Sell Bitcoin, Ethereum, Dogecoins as Inflation Soars and Recession Risk Grows
Tesla and SpaceX founder Elon Musk has reiterated his commitment to holding his stack of bitcoin (BTC), ethereum (ETH), and dogecoin (DOGE) when preaching to his more than 77m Twitter followers about ways to hedge against inflation.
In a recent Twitter post, Musk asked the Twitter community to share their thoughts about the probable inflation rate over the next few years. He then added that the inflation pressure is already affecting Tesla and SpaceX as prices of raw materials keep rising.
In response, Bitcoin bull and MicroStrategy CEO Michael Saylor speculated that "USD consumer inflation will continue near all time highs," while "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," Saylor added.
It is not entirely unpredictable that you would reach that conclusion
Adding to that, Musk said that it is usually better to own physical objects or stock in companies that make good products than fiat currencies when inflation is high.
"I still own & won’t sell my Bitcoin, Ethereum or Doge fwiw," he added, mentioning that he owns some ETH, ostensibly for the first time.
The topic of inflation has been a hot subject for the last couple of months.
The Consumer Price Index (CPI), a measure of the average change over time in the prices paid by urban consumers, surged to 7.9% in February, reaching a new 40-year high, the US Labor Department said on Thursday.
To address this rising inflation, the Federal Reserve is expected to carry out several rate hikes in 2022, one of which is set to come by as soon as this Wednesday.
The current inflation has been attributed to several factors,
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