Elon musk’s opinion on crypto coins
Elon Musk needs no introduction. Tesla, SpaceX, Neuralink and The Boring Company co-founded and lead by Elon Musk. Elon Musk has repeatedly proved that his tweets can affect the cryptocurrency market in many ways. The millionaire proved it again.
Elon Musk tweeted as he owns Bitcoin, Ethereum, or Doge but he didn’t even have a mind to sell those coins. Additionally, he mentioned 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.”
After this tweet, these three crypto coins trading value slightly increased in market.
Inflation rate discussion
Inflation is a measure of the rate of increase in the prices of goods and services in the economy. Inflation can occur when prices rise due to rising production costs such as raw materials and wages. Increased demand for products and services can lead to inflation as consumers are willing to pay more for their products.
Elon musk Questioned in twitter, “What are your thoughts about probable inflation rate over 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.”
Shibetoshi Nakamoto replied, “kinda just feels like the entire world economy is a giant house of cards that is ready to topple into disaster at any second“.
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.
Elon musk longtime supporter of Dogecoin
Recently, Elon Musk tweeted that he would eat a Happy Meal if McDonald’s begins accepting Dogecoin as a form of payment.
Dogecoin’s value shot up about 6.5% as of that particular tweeted day afternoon, starting at $0.127 when the market opened and reaching a high of $0.141, according to the Nasdaq.
Musk has been a longtime supporter of cryptocurrencies and tweeted in February last year that “Dogecoin is a cryptocurrency for people.”
A finance graduate, Maheen Hernandez has been drawn to cryptocurrencies ever since Bitcoin first emerged in 2009. Nearly a decade later, Maheen is actively working to spread awareness about cryptocurrencies as well as their impact on the traditional currencies. Appreciate the work? Send a tip to: 0x75395Ea9a42d2742E8d0C798068DeF3590C5Faa5
Get the latest Crypto & Blockchain News in your inbox.
Join Now