Elon Musk, the founder of Tesla and SpaceX, said that he will not sell Dogecoin assets along with the leading crypto Bitcoin and the leading altcoin Ethereum. After the U.S. consumer price index (CPI) rose 7.9% from a year ago to its highest level in more than 40 years, Musk asked his followers on Twitter about the "probable rate of inflation" over the next few years. The billionaire advised his followers to invest in physical things or stocks in companies that produce high-end products.Musk reiterated his commitment to investments in Bitcoin (BTC), Ethereum (ETH) and Dogecoin (DOGE) while advising his millions of followers on Twitter on ways to avoid inflation.
In his latest Twitter post, Elon Musk asked the Twitter community to share their thoughts on the estimated inflation rate for the next few years. He then said that inflation pressure is already affecting Tesla and SpaceX as raw material prices continue to rise.
"It is not entirely unpredictable that you would reach that conclusion"
Bitcoin supporter and MicroStrategy CEO Michael Saylor said in response that "US dollar consumer inflation will continue to approach all-time highs, with asset inflation more than double that of consumer inflation."
“Weak currencies will collapse and capital flight will intensify from cash, debt and value stocks to scarce properties like Bitcoin,” Saylor said.
Musk said that when inflation is high, it is better to invest in physical goods or corporate stocks rather than fiat currencies.
“I still have Bitcoin, Ethereum, and Doge and I will not sell,” Musk said, adding that this is apparently the first time he has had some ETH investment.
At the time of writing, Bitcoin (BTC) is trading at $39,017, Ethereum (ETH) at $2,594 and DOGE at $0.1148. Cryptocurrency market cap remains in a range close to $1.74 trillion.