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To MicroStrategy's Michael Saylor on Twitter, Tesla's Elon Musk claimed he will keep three main crypto coins.
Conclusion
- Despite concerns about inflation, Elon Musk plans to keep BTC, ETH, and DOGE in his portfolio.
- "Scarce" BTC is where Michael Saylor thinks the money will go.
- Musk's announcement that he intends to HODL the meme coin, DOGE, has boosted its value.
US markets and prospective inflation threats loomed large in their conversation. As Saylor puts it, "USD consumer inflation will remain around all-time highs, while asset inflation will run at double the rate of consumer inflation."
Over the last year, the high inflation rate has been a prominent factor in the crypto market movement. A 40-year high of 7.9 percent was reached in US inflation last month.
While COVID-19 epidemic and inflation were mentioned by JPMorgan Chase's strategists last year, they predicted a second-half BTC bull run in 2021 fueled by inflation. For the simple reason that BTC is considered to be a "better inflation hedge than gold."
Weaker currencies, according to MicroStrategy's CEO, will collapse due to inflation. In light of the continuing conflict between Russia and Ukraine, which is projected to have a long-term economic impact, his remarks are timely.
Venezuela, a country known for its rampant inflation, has turned to cryptocurrency as a possible answer to its financial woes.
Saylor expects a shift in capital from "scarce property like Bitcoin" to "liquid assets like cash and debt."
We now know where he plans to invest. On the advise of this thread's contributors: Owning real assets such as a house or shares in firms that you believe produce quality items, rather than dollars, is often preferable when inflation is strong, he added.
Tesla CEO Elon Musk said he still holds Bitcoin, Ethereum, and Dogecoin and would not sell them.
"As I've said before, don't bet the farm on crypto!" he had previously remarked. Building and delivering products and services to your fellow human beings is what is truly valuable, not money. "
The price of DOGE has risen as a result of Elon Musk's support for the token. As of the time of this writing, the meme currency is trading in a $0.115 – $0.116 price range, an increase of 0.7 percent.
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