Tesla CEO Elon Musk says that he has no plans to sell his BTC, ETH, and Doge in the face of rising inflation while advising investors to own crypto and physical assets.
BTCUSD is up +3.44%
The world’s richest entrepreneur reveals that his electric company Tesla and SpaceX, face pressure due to the high inflation rate.
The billionaire observes that the commodity prices worldwide are headed to a weekly high in more than 50 years due to the Russian war on Ukraine.
The remarks come as the US Consumer Price Index reveals that inflation has reached 7.9%, the largest in decades.
Crypto enthusiast and MicroStrategy CEO Michael Saylor commented on Musk’s tweet, saying that asset inflation would increase more than consumer inflation. Saylor adds that weak currencies will crumble, forcing the demand for BTC to jump.
MicroStrategy owns more than 125,000 BTC, currently valued at approximately $5 billion.