Elon Musk Says “I Won’t Sell My Bitcoin, Ethereum, And Dogecoin”

Tesla and SpaceX CEO Elon Musk took to Twitter on Monday, March 14, to ask his followers’ thoughts about the probable inflation rate of USD over the next few years. However, despite the rising inflation, he would not sell his Bitcoin (BTC); Ethereum (ETH); or Dogecoin (DOGE) holdings.

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 (@elonmusk) March 14, 2022

Notably, any statement Musk has about cryptocurrencies garners reactions from investors. The CEO is a well-known backer of cryptocurrencies – especially Dogecoin.

MicroStrategy Founder and CEO Michael Saylor replied to Musk’s tweet saying,

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.

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.

— Michael Saylor⚡️ (@saylor) March 14, 2022

Musk replied to Saylor, “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 Dogecoin for what it’s worth.”

Similarly, Musk replied to Scott Galloway’s Twitter post where Galloway called the USD the “most innovative payment technology and store of value.” Musk reacted with rolling on the floor laughing emoji.

Last year, Musk called Galloway an insufferable numbskull after Galloway criticized Musk for posting a Twitter poll asking his followers whether should sell 10% of his company holdings.

At the time of writing, Bitcoin is trading at $38,643.42, Ethereum at $2,577.67, and DOGE at $0.114572. The crypto market cap continues to be in range-bound near $1.73 trillion as prices continue to move sideways, according to CoinMarketCap.