Elon Musk claims to still hold large amounts of Bitcoin, Dogecoin

Billionaire Elon Musk claims to still hold onto Bitcoin, Ethereum, and Dogecoin investments in the face of rising inflation in the US.

In the context of rising inflation and continued market “bloodbath” in the past, billionaire Elon Musk has advised people to “stay away” from assets in real estate or stocks rather than holding USD to hedge against inflation. The Tesla CEO still didn’t forget to “give a hint” when ending the tweet by stating that he still owns and will not sell any Bitcoin, Ethereum, or Doge coins.

“As always, for those seeking advice from this post, you should have a tangible asset like a house or stock in a company that produces essential goods, not dollars when inflation is high.

I still hold and will not sell Bitcoin, Ethereum or Doge.”

Responding to Musk’s survey of possible inflation rates over the next few years, MicroStrategy founder Michael Saylor also expressed his view that: “Consumer inflation will continue to rise to all-time highs, Asset inflation will double as much as consumer inflation. Weaker currencies will collapse. completely. Capital flows from cash, debt, and equity will shift significantly to Bitcoin.”

Billionaire Elon Musk was first confirmed to hold BTC, ETH, and DOGE at The B Word conference in June 2021. After stopping receiving BTC payments due to environmental concerns, Musk’s company Tesla turned its attention to Dogecoin, accepting DOGE payments in January 2022. However, ok Mr. Musk and the Tesla company confirmed that they will continue to hold the $1.5 billion BTC investment.

Both Bitcoin, Ethereum, and especially Dogecoin prices have recovered strongly after Mr. Musk made a statement to continue investing in crypto to hedge against inflation.

(See Coin68)

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