Tesla CEO Elon Musk has confirmed that he still holds Bitcoin, Ethereum, and Dogecoin, and that he doesn’t plan to sell.
SpaceX CEO Elon Musk Still Owns And Won’t Sell His Bitcoin, Ethereum, And Dogecoin Holdings
Yesterday, the Tesla CEO asked his followers on Twitter about their thoughts on the probable inflation rate over the next few years.
One of the replies argued that the USD consumer inflation will continue near all-time highs, while asset inflation will be double this amount. The person also said that weaker currencies would collapse and more money would enter into scarce commodities like Bitcoin.
Elon Musk replied with “It is not entirely unpredictable that you would reach that conclusion.” He followed up in a chain tweet giving some general advice to the readers of the thread, saying that it’s better to own physical entities like a house or stock in companies making good products, rather than dollars during times when inflation is high.
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
Musk also added “I still own & won’t sell my Bitcoin, Ethereum or Doge fwiw.” The Tesla CEO has always shown to be a firm believer in crypto, and has become one of the most popular figures in the space.
Simple tweets from Musk have often proved to be enough to kickstart rallies for coins like Dogecoin. The SpaceX CEO’s affection for the memecoin especially has earned him the title of “DOGE father.”
This tweet too sparked a sharp spike in the price of Dogecoin. The below chart shows the trend in the original memecoin’s price over the past day:
The price of DOGE seems to have shown a sharp spike over the past twenty-four hours | Source: DOGEUSD on TradingView
As you can see in the above graph, the price touched around $0.12 following the sharp uptrend, rising about 10%.
However, since then, the price has dwindled back down. Nonetheless, Dogecoin is still up almost 4% in the last 24 hours.
BTC And ETH Price
At the time of writing, Bitcoin’s price floats around $38.9k, up 1% in the last seven days. Over the past month, the crypto has lost 7% in value.
Here is a chart that shows the trend in the price of BTC over the last five days.
BTC's price looks to have mostly moved sideways in the last few days | Source: BTCUSD on TradingView
As for Ethereum, it’s currently trading around $2.5k, up 2% over the past week. In the last month, the crypto is 10% in the red.
Ethereum's price has also consolidated sideways recently | Source: ETHUSD on TradingView
Featured image from Unsplash.com, charts from TradingView.com