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Business News/ Markets / Cryptocurrency/  Elon Musk says 'won't sell Bitcoin, ether or dogecoin'

Elon Musk says 'won't sell Bitcoin, ether or dogecoin'

  • Elon Musk had posted a question on Twitter about the likely rate of inflation over the next few years

Tesla CEO Elon Musk. File Photo

World's richest person and Tesla's, SpaceX Chief Executive Officer (CEO) Elon Musk tweeted that he owns cryptocurrencies Bitcoin, ether, and dogecoin and is not planning to sell them. He had posted a question on Twitter about the thoughts on probable rate of inflation over the next few years.

To his tweet, Michael Saylor, the chief executive officer (CEO) of MicroStrategy Inc. and a prominent Bitcoin bull, replied: “USD 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, & value stocks to scarce property like #bitcoin will intensify."

To which, Musk responded, “It is not entirely unpredictable that you would reach that conclusion."

“As a general principle, for those looking for advice from this thread, it is generally better to own physical things like a home or stock in companies you think make good products, than dollars when inflation is high. I still own & won’t sell my Bitcoin, Ethereum or Doge fwiw," Elon Musk tweeted.

“It is not entirely unpredictable that you would reach that conclusion," Musk retorted. MicroStrategy took a $147 million impairment charge for the fourth quarter as Bitcoin’s price drop forced the company to write down its holding.

Bitcoin, which had fallen as much as 3% before Musk’s tweet, briefly erased losses before retreating again. Ether and dogecoin’s prices also gained over the past hour, which was the biggest among cryptocurrencies tracked by CoinGecko.

Musk is known for her social-media posts on cryptocurrencies. Last May, he said he hasn’t “and won’t" sell any Dogecoin, a token created in 2013 as a joke and for which he’d become a proponent as the self-proclaimed 'Dogefather'. Last year, the billionaire had also revealed that he owns Bitcoin, Ether and Dogecoin.

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