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Elon Musk Says He Won’t Sell Bitcoin (BTC) and Two Other Crypto Assets Amid Rising Inflation

Tesla CEO Elon Musk is revealing plans to proceed holding on to the cryptocurrencies he owns as inflation within the US reaches a four-decade excessive.

Musk says in a tweet that Tesla and SpaceX are feeling the consequences of excessive inflation similar to different firms and households as the price of residing and doing enterprise rises.

“Tesla and SpaceX are seeing significant recent inflation pressure in raw materials & logistics.”

Last week, the U.S. Bureau of Labor Statistics disclosed that the Consumer Price Index, a measure of the typical change in costs in a basket of products and companies over time, rose to 7.9% year-over-year in February, the very best stage since January of 1982.

Pointing to a Financial Times article protecting the widespread international price will increase for uncooked supplies and commodities, Musk says that Tesla and SpaceX are “not alone.”

In response to Musk, the CEO of enterprise software program agency MicroStrategy, Michael Saylor, says that rising inflation and the collapse of weaker nationwide currencies will intensify a capital flight to Bitcoin (BTC) and different scarce belongings.

“US dollar consumer inflation will continue near all-time highs, and asset inflation will run at double the rate of consumer inflation. Weaker currencies will collapse, and the flight of capital from cash, debt and value stocks to scarce property like Bitcoin will intensify.”

Adding to Saylor’s remark, Musk says that as a “general principle” proudly owning “physical things” is best than US {dollars} throughout occasions of excessive inflation. Musk additionally says that he’ll hold holding the three crypto belongings he already owns – Bitcoin, Ethereum (ETH) and Dogecoin (DOGE).

“As a basic precept, for these on the lookout for recommendation from this thread, it’s typically higher to personal bodily issues like a house or inventory in corporations you assume make good merchandise, than {dollars} when inflation is excessive.

I nonetheless personal and received’t promote my Bitcoin, Ethereum or Dogecoin for what it’s value.”

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Disclaimer: Opinions expressed at The Daily Hodl usually are not funding recommendation. Investors ought to do their due diligence earlier than making any high-risk investments in Bitcoin, cryptocurrency or digital belongings. Please be suggested that your transfers and trades are at your personal danger, and any loses it’s possible you’ll incur are your duty. The Daily Hodl doesn’t advocate the shopping for or promoting of any cryptocurrencies or digital belongings, neither is The Daily Hodl an funding advisor. Please be aware that The Daily Hodl participates in online marketing.

Featured Image: Shutterstock/GrandeDuc

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