September 27, 2022

Elon Musk announced the hodling of cryptocurrencies in anticipation of rising inflation

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Elon Musk has no plans to get rid of his bitcoins, Ethereum and Dogecoin. This was stated by the head of Tesla and SpaceX during a discussion he raised among subscribers on the topic of inflation.

Musk referred to an article in the Financial Times about commodity prices rising to highs since 2008 amid fears of cutting off supplies of raw materials from Russia. According to the latest data, in the US, annual inflation has reached a record 7.9% since 1982.

With his tweet, Musk agreed with Michael Saylor. The head of MicroStrategy predicted the collapse of weak fiat currencies and the flight of capital from value stocks, debt securities and cash to “scarce” assets like bitcoin.

Against the backdrop of Musk’s tweet, the Dogecoin price jumped by 10% at the moment. At the time of writing, DOGE is losing 1% of its value in a 24-hour period, according to CoinGecko.

Recall that at the end of February, the head of the FTX cryptocurrency exchange, Sam Bankman-Fried, announced expectations of an increase in demand for bitcoin against the backdrop of economic instability in Eastern Europe.

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