Elon Musk Says He’s Not Selling His Cryptos, Briefly Sends Bitcoin, Ethereum and Doge Up

Mandatory Credit: Photo by Action Press/Shutterstock (12276248c)Elon Musk, Tesla CEO, is on the premises of Tesla Gigafactory at a press meeting.
Action Press/Shutterstock / Action Press/Shutterstock

Elon Musk tweeted — yet again — about his support for cryptos, causing the prices of bitcoin, ethereum and dogecoin to briefly spike on the morning of March 14.

“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,” Musk tweeted.

Bloomberg reports that bitcoin, which had fallen as much as 2.9% before Musk’s tweet, briefly erased losses before retreating again. Ethereum was up as much as 2.3% before giving up some gains. Dogecoin’s 3.8% gain in the hour following the tweet was the biggest among cryptocurrencies tracked by CoinGecko, Bloomberg added.

Musk also asked his followers, “What are your thoughts about probable inflation rate over next few years?” He added in a subsequent tweet, “Tesla & SpaceX are seeing significant recent inflation pressure in raw materials & logistics.”

Bitcoin bull and MicroStrategy CEO Michael Saylor responded by tweeting, “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.”

MicroStrategy reported fourth quarter earnings on Feb. 2., revealing a $90 million net loss, according to the earnings report.

As GOBankingRates reported at the time, the loss didn’t deter Saylor from his bitcoin bullishness. He tweeted the same day, “The only thing you will regret in old age is not doing it. – Rudyard Kipling on #Bitcoin.”

Investing for Everyone

“If you really believe in Bitcoin, then you should always buy the dips. MicroStrategy are a long term HODL’er with high expectations for the long-term price,” Matthew Le Merle, managing partner at Blockchain Coinvestors, told GOBankingRates. “Michael Saylor has a very long-term view which he is willing to bet his company on. We only wish more American CEOs would abandon short term quarter-by-quarter thinking for a long term value creation mindset on behalf of their shareholders.”

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