Elon Musk, CEO of Tesla, has verified that he still owns Bitcoin, Ethereum, and Dogecoin and has no plans to sell them.
Elon Musk, CEO of SpaceX, still owns and will not sell his Bitcoin, Ethereum, and Dogecoin holdings.
Yesterday, Tesla CEO Elon Musk asked his Twitter followers what they believed about the likely inflation rate over the next few years.
According to one of the responses, USD consumer inflation will remain at all-time highs, but asset inflation will be treble this level. The individual also stated that weaker currencies will fail, causing more money to flow into rare commodities such as Bitcoin.
“It is not altogether unexpected that you would draw that conclusion,” Elon Musk responded. He responded in a chain tweet with some general advice to the thread’s readers, noting that it’s preferable to possess real entities like a house or stock in firms that make good products than than dollars during times of high inflation.
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
“I still own and will not sell my Bitcoin, Ethereum, or Doge fwiw,” Musk said. The Tesla CEO has long been a strong supporter of cryptocurrency, and he has become one of the most well-known people in the field.
Simple tweets from Musk have frequently been enough to spark rallies for cryptocurrency such as Dogecoin. The SpaceX CEO’s fondness for memecoins in particular has earned him the moniker “DOGE father.”
This tweet, too, caused a significant increase in the price of Dogecoin. The chart below depicts the price trend of the original memecoin over the last day:
As shown in the graph above, the price reached roughly $0.12 after a rapid increase, climbing about 10%.
However, the price has since dropped back down. Nonetheless, Dogecoin is up nearly 4% in the last 24 hours.
BTC And ETH Price
At the time of writing, the price of Bitcoin is hovering around $38.9k, up 1% in the last seven days. The cryptocurrency has lost 7% of its value in the last month.
Here’s a graphic that shows the price of Bitcoin over the last five days.
As for Ethereum, it’s currently trading around $2.5k, up 2% over the past week. In the last month, the crypto is 10% in the red.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.