Bitcoin, which has fallen as much as 2.9% before Musk’s tweet, briefly erased losses before retreating again. Ether was up as much as 2.3% before giving up some gains. Dogecoin’s 3.8% gain over the past hour was the biggest among cryptocurrencies tracked by CoinGecko.
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.
@saylor As a general principle, for those looking for advice from this thread, it is generally better to own physic… https://t.co/Ap8aq0qFoC
— Elon Musk (@elonmusk) 1647231098000
Musk, the world’s richest person and the chief executive officer of Tesla Inc., is no stranger to social-media posts on cryptocurrencies. Last May he said he hasn’t “and won’t” sell any Dogecoin, a token created in 2013 as a joke and for which he’d become a proponent. In October, Musk said he owns Bitcoin, Ether and Dogecoin.
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This time around, he had posted a question on Twitter about the likely rate of inflation over the next few years. Michael Saylor, the chief executive officer of MicroStrategy Inc. and a prominent Bitcoin bull, replied: “Weaker currencies will collapse, and the flight of capital from cash, debt, & value stocks to scarce property like #bitcoin will intensify.”
“It is not entirely unpredictable that you would reach that conclusion,” Musk retorted. MicroStrategy took a $147 million impairment charge for the fourth quarter as Bitcoin’s price drop forced the company to write down its holding.
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