Elon Musk: I'm not selling my bitcoins, but I'm ditching the dollar and buying equities instead

According to billionaire Elon Musk, the world's richest man, which assets are best to invest in as inflation swells in countries all over the world owing to the ongoing conflict in Ukraine.

On the social media site Twitter (TWTR), Tesla CEO Elon Musk highlighted growing inflation and its effect on assets in a discussion.

His followers were asked, "What do you think the inflation rate will be during the next five years?" whereas Musk agreed that inflation has a negative influence on his businesses in the same thread

Musk has stated that he will not be selling any of his bitcoins (BTC-USD)

Following his remarks, Bitcoin gained 0.9 percent to $38,866 (£29,749). After momentarily rising as high as 10 percent – briefly the second-largest cryptocurrency in the world by market value — memecoin doge is presently up by 1.7 percent.

It was revealed on Sunday that raw materials and logistics are rising rapidly for both SpaceX and Tesla (TSLA), according to their respective CEOs.

There has been a big increase in raw materials and shipping costs recently, tweeted Tesla CEO Elon Musk.

Palladium (PA=F) in catalytic converters, aluminium (ALI=F) in the bodywork, and high-grade nickel in electric vehicle batteries have all risen in price as a result of Russia's invasion of neighboring Ukraine.

Automakers already hurting from a chip scarcity and rising energy costs will be put under even more strain if some shippers and auto-parts suppliers choose to avoid Russian goods.

Tesla CEO Elon Musk has also appeared to challenge Russian President Vladimir Putin on Twitter to a battle over Ukraine.

The stakes in this fight are Ukraine, he tweeted, using the Russian alphabet to write Putin's name and the country's name in its own language. "I challenge Vladimir Putin to single combat," he said.

Musk then followed up with a tweet in which he wrote the entirety of the statement in Russian. To the Kremlin's English language Twitter feed: "Do you agree to this fight?," he tweeted.

As a longtime advocate of cryptocurrencies, notably bitcoin and dogecoin, Musk's Twitter bio included a mention of the flagship token, which drove the price of the coin skyrocketing.

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