Despite Rising Inflation, Elon Musk Says He Won't Sell Bitcoin, Ethereum, And Dogecoin

Elon Musk still holds BTC, ETH, and DOGE. (Screenshot of @CryptoWhale Twitter)

JAKARTA – One of the richest people on Earth, SpaceX boss Elon Musk recently revealed that his crypto assets are still on hold. Musk stated that until now he still hasn't sold a single coin in times of inflation. He only has three types of cryptocurrencies namely Bitcoin (BTC), Ethereum (ETH), and Dogecoin (DOGE).

According to DailyCoin, Elon Musk, CEO of Tesla and SpaceX, made a Twitter post on March 13, 2022, in which he revealed that the companies are currently under pressure due to rising inflation. Apart from that, Musk also shared his perspective on which assets are the best to own when inflation is rising.

Musk also shared an article from the Financial Times, which discussed that global commodity prices are on track to see their biggest rally in more than 50 years as a direct result of the conflict between Russia and Ukraine.

The CEO of MicroStrategy, Michael Saylor, replied to Musk's tweet, claiming that: “Consumer USD inflation will continue to approach an all-time high, and asset inflation will increase at twice the rate of consumer inflation. The weakest currencies will collapse, capital flight from cash, debt, & stock values to rare properties like bitcoin will increase.”

Musk further claims that, when inflation is high, it is generally better to own a physical asset such as a house, or stock in a company that people think makes a good product, rather than dollars, noting that he will not sell Bitcoin (BTC), Ethereum (ETH) or Dogecoin (DOGE).

Replying to Saylor's comments, Musk stated that inflation is not completely predictable including cryptocurrencies. He added that “I still own and will not sell Bitcoin, Ethereum or Doge.”

Meanwhile, another Twitter user replied to Saylor's conclusion. The CryptoWhale account stated that it was unbelievable that people still believed in Michael Saylor when he issued a statement regarding Bitcoin. The reason is that Saylor compares Bitcoin to online gambling, has been accused of committing fraud from the SEC twice, and lying about finances, and Saylor is a heavy drug user.