Bitcoin, which fell 2.9% before Musk’s tweet, briefly erased losses before falling back again. Ether rose 2.3% before giving up some gains. Dogecoin’s 3.8% gain in the past hour was the largest among cryptocurrencies tracked by CoinGecko.
As a rule of thumb for those looking for advice on this thread, it’s usually better to own physical assets like a house or shares in companies that you think make good products, than dollars when inflation is high.
I still own and will not sell my Bitcoin, Ethereum or Doge fwiw.
@saylor As a rule of thumb for anyone looking for advice on this thread, it’s usually best to own a doctor… https://t.co/Ap8aq0qFoC
— Elon Musk (@elonmusk) 1647231098000
Musk, the world’s richest person and CEO of Tesla Inc., is no stranger to cryptocurrency posts on social media. Last May, he said he did not “and would not sell” any Dogecoin, a token created in 2013 as a joke and of which he had become a supporter. In October, Musk said he owned Bitcoin, Ether, and Dogecoin. This time, he had posted a question on Twitter about the likely rate of inflation over the next few years. Michael Saylor, CEO of MicroStrategy Inc. and prominent Bitcoin bull, responded, “Weaker currencies will crash and capital flight from cash, debt and value stocks to scarce assets like #bitcoin will s ‘intensify.
“It’s not totally unpredictable that you would come to that conclusion,” Musk shot back. MicroStrategy took a $147 million impairment charge for the fourth quarter as falling Bitcoin prices forced the company to write down its stake.