Key takeaways:
- CEO of Tesla and Space X, Elon Musk, offered general tips on how to invest money when inflation rates are high
- Musk explained that owning physical things is best, but added that he still owns and will not sell his digital assets holdings
- The price of Dogecoin jumped by 8% as a result
Musk believes owning real estate and stocks is preferable to dollars, says he won’t sell his BTC, ETH, and DOGE
On Sunday, Tesla CEO Elon Musk took to Twitter to ask his followers about their thoughts on the rising inflation. Out of thousands of replies, the answer of Microstrategy’s CEO Michael Saylor caught Musk’s attention.
“USD consumer inflation will continue near all-time highs, and asset inflation will run at double the rate of consumer inflation. Weaker currencies will collapse, and the flight of capital from cash, debt, & value stocks to scarce property like #bitcoin will intensify,” wrote Saylor, who is well-known for his pro-Bitcoin stance. For context, Microstrategy is the largest publicly-traded BTC holder, with over 125,000 coins in its treasury.
Musk noted that he is not at all surprised by Saylor’s response and offered his view on how to best protect against rising inflation rates and currency devaluation. The CEO of futuristic companies such as Tesla and Space X remarked that investing in “physical things” is better than holding onto dollars “when inflation is high.”
Despite his inclination to invest in stocks and real estate, Musk is still holding onto his Bitcoin, Ethereum, and Dogecoin holdings in the face of rising inflation.
“I still own & won’t sell my Bitcoin, Ethereum or Doge fwiw.”
Musk mentioning Dogecoin on social media has historically sparked sudden and considerable price upswings. Remember last December and how the price of DOGE catapulted by more than 20% after Musk teased a possible integration with Tesla’s online shop (which, to be fair, did eventually materialize). Or last March, when Musk’s announcement he is working with Dogecoin developers sent the price flying to its then local high.
A similar thing took place on Sunday – shortly after Musk said he is not selling his memecoin allocation, the price of DOGE spiked by over 8% in a matter of minutes. The rally was short-lived, however, as DOGE quickly retraced and is now trading just 1.35% up for the day.
