Claiming not to own a home, Elon Musk “keys” to buy a house and stocks instead of the dollar amid high inflation
Elon Musk on March 14 advised that it is better to own “materials” such as houses and stocks. However, Musk said he will not sell the amount of Bitcoin, Ether and Dogecoin he holds.
Elon Musk, CEO of Tesla and SpaceX and the richest person in the world, suggests that it is better to own physical things instead of US dollars when inflation is high. However, he made an exception for cryptocurrencies.
In the thread discussing inflation on Twitter, Musk wrote: “As a general rule, for those seeking advice in this thread, you should own physical things like houses or stocks in companies. that you think has a better product than the dollar when inflation is high.”
“I still own and will not sell my Bitcoin, Ethereum or Dogecoin,” he added.
Inflation in the US hit 7.9% year-on-year, the highest since 1982, according to the Bureau of Labor Statistics.
Tesla and SpaceX have “seen significant inflationary pressures in recent times on raw materials and logistics,” Elon Musk said on March 14.
In May 2020, Musk announced that he plans to sell “nearly all” of his material possessions, including a multi-million dollar portfolio of properties. He sold his last home in December 2021.
Elon Musk is a crypto advocate. Musk regularly speaks out in support of Dogecoin and discusses the value of cryptocurrency with leading figures in the tech industry.
Tesla says it bought about $1.5 billion worth of Bitcoin in early 2021, to use as a hedge against inflation.
Tesla’s stock price has fallen about 35% this year, causing Musk’s fortune to “evaporate” by about a quarter. But Elon Musk is still the richest person in the world, with a fortune of about $206 billion, according to the Bloomberg Billionaires Index.
Commodity prices have increased due to supply chain disruptions, amid the recovery of the global economy from the pandemic. Russia’s military operation in Ukraine last month has added supply-side strain on energy, metals and grain markets. Both Russia and Ukraine are the world’s leading suppliers.
According to BI
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