As inflation roars at a tempo not seen in a long time, Tesla CEO Elon Musk mentioned to own bodily belongings over money.
In a Musk tweet round midnight ET on Monday, the Tesla founder mentioned: “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.”
Even so, Musk mentioned he is holding onto cryptocurrencies.
“I still own & won’t sell my Bitcoin, Ethereum or Doge,” he added.
The feedback come as the patron worth index for February rose 7.9% from a yr in the past, the best stage since January 1982.
Buyers might flip to bodily belongings equivalent to commodities throughout inflationary instances, as inflation boosts the costs of these holdings.
Musk’s feedback on crypto briefly moved the worth of bitcoin larger earlier than the digital asset pared features. Bitcoin was practically flat at $38,940.47 by round 7:30 a.m. ET.
The worth of bitcoin is down practically 19% in 2022, in response to CoinDesk information.
MicroStrategy CEO Michael Saylor earlier within the Twitter thread touted crypto as an inflation play.
“Weaker currencies will collapse, and the flight of capital from cash, debt, & value stocks to scarce property like #bitcoin will intensify,” Saylor said.
The 2 CEOs are often called distinguished figures within the crypto house, each having added bitcoin to their respective firm’s stability sheets. Musk’s feedback prior to now have often moved the worth of digital cash.
