TL;DR Breakdown
- Elon Musk reaffirms he is HODLing Bitcoin, Ethereum, and Dogecoin. He doesn’t plan to sell anytime.
- He previously noted that it was unwise not to consider investing in Bitcoin.
While responding to Michael Saylor’s tweet on Monday, the chief executive officer at Tesla, Elon Musk, disclosed the cryptocurrencies he still holds Bitcoin, Ethereum, and Dogecoin, adding that he doesn’t have any intention to sell.
“I still own Bitcoin,” says Elon Musk
It’s no news that inflation has been gradually rising across several countries, including the United States. According to Elon Musk, both the electric car company Tesla and SpaceX are beginning to see a significant impact of the recent inflation pressure in raw materials and logistics. He proceeded to ask on Twitter what the inflation rate could be over the next few years.
One of the people who responded was Microstrategy’s CEO Michael Saylor who noted that USD consumer inflation will continue to increase and that more capital is going to flow into scarce properties like Bitcoin.
“It is not entirely unpredictable that you would reach that conclusion,” Elon Musk responded while confirming his crypto positions. “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.”
Musk in crypto
This isn’t the first time Elon Musk has disclosed his cryptocurrency holdings. During “The B-Word” conference last year, the billionaire co-founder of Tesla revealed he only owned Bitcoin, Ethereum, and Dogecoin. He reiterated this in October, clarifying he doesn’t own Shiba Inu or Floki Inu, despite these coins had managed to increase a few times when Musk posted tweets about dogs.
In February 2021, Elon Musk stated during an interview that it was unwise not to invest in Bitcoin, especially when “fiat currency has negative real interest.” On several occasions, however, he revealed that the meme-coin Dogecoin is his favorite cryptocurrency.
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