The prices of cryptocurrencies like Bitcoin, Ether and Dogecoin were once again feathered on Monday by a tweet by Elon Musk. Elon Musk, the world’s richest man and owner of companies like Tesla and SpaceX, has said in a tweet that he currently has the cryptocurrencies mentioned above and is not going to sell these digital currencies.
Before Elon Musk’s tweet, bitcoin was trading with a decline of 2.9 percent. Though it picked up soon after that, but later it again went into the red mark. At the same time, the price of Ether increased by 2.3 percent, but later it also saw a slight decline. The biggest jump from Musk’s tweet came in DodgeCoin and it grew by 3.8 percent.
Elon Musk gave this tweet about crypto in a discussion related to inflation. Musk asked his followers in a tweet, “How much do you think inflation is going to be in the next few years?”
Also read- Good start to the week in the market, Nifty 241 and Sensex rose 936 points, know how its move may be tomorrow
To this, a user replied to Musk, “Consumer inflation will remain at its all-time high. Asset inflation could be at twice that rate. Weak currencies will collapse and capital flows out of places like cash, debt and value stocks.” The move to assets like bitcoin will accelerate.”
To this Musk replied, “It’s no wonder you came to this conclusion.”
Musk then tweeted another in which he explained that he currently has bitcoin, ethereum and dodgecoin, which he will not sell. Along with this, he also said that, “As a general rule, I would like to say this to people who are looking for advice in this tweet of mine. In general, when inflation rises, then in companies with homes or good products. It is better to buy physical things like shares.”
You can see Elon Musk’s tweet below-
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
,