Elon Musk Says He’s Not Selling Bitcoin Amid High Inflation

• Elon Musk, Technoking of Tesla, says “I inactive ain & won’t merchantability my Bitcoin” arsenic a awesome for the holding of assets successful times of precocious inflation.
• Micheal Saylor, CEO of MicroStrategy states that “weaker currencies volition collapse,” successful notation to precocious levels of inflation.
• Musk besides said “it is mostly amended to ain carnal things similar a location oregon banal successful companies you deliberation marque bully products, than dollars erstwhile ostentation is high.”

In a caller tweet ,Elon Musk, Technoking of Tesla, attempted to some question the likelihood of continued ostentation implicit the adjacent mates of years, and soothe concerns of his followers looking for proposal arsenic it relates to dealing with ostentation by stating “I inactive ain & won’t merchantability my Bitcoin.”

“What are your thoughts astir probable ostentation complaint implicit adjacent fewer years?” Musk asked his followers.

With an ostentation complaint of 7.9% reported for the period of February 2022, this represents the highest levels of ostentation since January, 1982. “Energy remained the biggest contributor (25.6% vs 27% successful January), with gasoline prices surging 38% (40% successful January),” reported the Trading Economics.

As a sentiment astir would echo, the laminitis of Tesla encouraged his followers to prosecute assets extracurricular of currency erstwhile ostentation becomes rampant. “As a wide principle, for those looking for proposal from this thread, it is mostly amended to ain carnal things similar a location oregon banal successful companies you deliberation marque bully products, than dollars erstwhile ostentation is high.”

Micheal Saylor, CEO of MicroStrategy and staunch Bitcoin advocate, responded to the enquiry connected Twitter stating “USD user ostentation volition proceed adjacent each clip highs, and plus ostentation volition tally astatine treble the complaint of user inflation.” Parroting the notions mentioned by Musk, Saylor continued to explicate that “weaker currencies volition collapse, and the formation of superior from cash, debt, & worth stocks to scarce spot similar bitcoin volition intensify.”

Tesla and Musk made headlines in February of 2021 erstwhile they purchased $1.5 cardinal worthy of bitcoin, however, the arguable CEO besides made different benignant of header and faced immoderate magnitude of backlash erstwhile Tesla decided to suspend payments successful bitcoin aboriginal that twelvemonth successful June.

At that time, Musk stated “When there’s confirmation of tenable (~50%) cleanable vigor usage by miners with affirmative aboriginal trend, Tesla volition resume allowing Bitcoin transactions.”