Elon Musk tweeted his worries regarding the increasing rates of inflation due to the crisis in Eastern Europe, but he mentioned he won’t sell his Bitcoin, Ethereum, or Doge.
Musk continues to be bullish on crypto and believes in the potential that the crypto and blockchain markets have. Following his tweet, the values for Bitcoin, Ethereum, and Dogecoin went up.
He advised people that, when inflation is high, it is better to own physical assets such as stock in good companies or a house, instead of dollars.
“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.”
“Weaker currencies will collapse, and the flight of capital from cash, debt, & value stocks to scarce property like #bitcoin will intensify.”
Musk then replied to Saylor by saying: “It is not entirely unpredictable that you would reach that conclusion.”
MicroStrategy suffered a $147 million impairment charge in Q4 after the price of Bitcoin fell and the company had to write down its holdings.
The value of several cryptocurrencies went up after Musk’s tweets, as mentioned, but they didn’t go to high, as there are now talks in the European Union to pass a bill that would ban all PoW cryptos as a result of the impact they have on the environment.