Elon Musk once suggested on Twitter that he could sell all his cryptocurrency because of inflation. Finally, he assured that he would not part with any Bitcoin, Ethereum and Dodge in his possession. A decision applauded by all enthusiasts of the sector.
While Bitcoin has experienced a meteoric rise throughout 2021, the cryptocurrency market is currently going through a troubled period. Due, among other things, to the war in Ukraineinflation is at its highest, while the price of cryptocurrency, for its part, continues to fall desperately. Given its strong appeal to the field – and, at this stage, out of habit – we expected a statement from Elon Musk on the subject.
Whereas inflation stands at 7.9% in the United States, the highest rate for 40 years, the billionaire gave some advice to his followers on Twitter. Among them, he indicates in particular that it is better to date own only physical propertysuggesting that it would be necessary to part with its NFTs and cryptocurrencies. That being said, he does not intend to apply his own advice.
Everyone should sell their cryptocurrencies… except Elon Musk
“I still own and will not sell my Bitcoin, Ethereum and Doge, for what it’s worth,” he said in response to his own thread. It is easy to imagine that thanks to his colossal fortune, Elon Musk is not really worried about the current inflation. Despite everything, his reaction did not fail to be applauded by experts in the field. Michael Saylor, fervent defender of cryptocurrencies, even evokes the benefits of inflation on the price of Bitcoin.
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According to him, “Inflation on dollar goods will continue to peak,” thus pushing the currencies ” weaker ” towards destruction. Therefore, again according to Michael Saylor, consumers will turn massively to Bitcoin and stocks. A statement that should be qualified, as Bitcoin has proven to be volatile in recent years. Still too unstable, it will have difficult to convince the general public even in times of economic crisis.