Bitcoin, Ether and Dogecoin received a rapid upgrade on Monday after Elon Musk tweeted that he owns digital tokens and does not plan to sell. Bitcoin, which fell 2.9 per cent before Musk’s tweet, briefly removed the losses before retreating again. Ether increased equally by 2.3% before abandoning certain benefits. Dogecoin’s profit of 3.8% in the last hour was the largest among the cryptocurrencies pursued by CoinGecko.
As a general rule, for those seeking advice in this series. It is usually better to have tangible items like home or stock in companies that you think make good products, rather than dollars when inflation is high.
Musk, the richest man in the world and chief executive of Tesla Inc., is not a stranger to social media on cryptocurrencies. Last May, he said “he will not” sell any Dogecoin, a token created in 2013 as a joke and he would be a supporter of it. In October, Musk claimed he owns Bitcoin, Ether and Dogecoin.
In this regard, he posed a question on Twitter about the rate of possible inflation over the next few years. Michael Saylor, chief executive officer of MicroStrategy Inc. and a prominent Bitcoin bull, replied: “Weak currencies will fall, and cash flows, debt, and stocks have been depleted of assets such as #b bitcoin will grow.”
“It is not a complete prediction that you can reach that conclusion,” Musk replied. MicroStrategy took a $ 147 million deficit in the fourth quarter as the fall in Bitcoin prices forced the company to write down its holdings.
