Elon Musk states he will still hold onto his crypto in an inflationary environment

Tesla Billionaire Elon Musk stated that he will not sell his bitcoin, ethereum, or doge, briefly spiking the market, after he tweeted about the rate of inflation over the next couple of years.

In a question posed to his Twitter followers Musk asked- “what are your thoughts about probable inflation rate over next few years?”, subsequently following up on the question by sharing his thoughts on crypto ownership.

The SpaceX CEO has historically shaken up the markets with his tweets, using his Twitter account to share his thoughts on a number of cryptocurrencies, most notably Dogecoin and Bitcoin. 

While his most recent tweet Musk outlined his stance about being cautious when investing in an inflationary environment, noting that it was better to invest in physical things:

“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,” Musk tweeted.

He added:

“I still own & won’t sell my bitcoin, ethereum or doge fwiw.”

Last year, in a Twitter debate with Square CEO Jack Dorsey and CEO of ARK Invest, Cathie Wood, Musk replied to Cathie Wood’s comments on inflation flaring during the pandemic, noting “I don’t know about long term, but short term we are seeing strong inflationary pressure”. The debate was stimulated by comments from Jack Dorsey that “hyperinflation is going to change everything”.

Following a difficult economic period stimulated by the global pandemic, concerns about inflation have been once again brought to the fore as the invasion of Ukraine by Russia affects the markets.

 Concerns over the impact of Russia’s attack on Ukraine have brought the international community together, with the crypto community also coming together to send donations to support Ukraine. 

Musk retweeted an article on Sunday that noted how the Ukraine-Russia conflict has sent commodity prices to their highest levels since 2008, also revealing that SpaceX is facing significant inflationary pressure in raw materials and logistics.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.