The tweets of Tesla CEO Elon Musk are known to bring volatility in the cryptocurrency market. The same thing has happened once again.
Rates of bitcoin (ethereum), ethereum and dogecoin soared as Elon Musk disclosed on Twitter that he would not sell his crypto holdings.
SpaceX owner and Tesla CEO Elon Musk’s tweets have been creating a stir in the cryptocurrency market in the past as well. Once again one of his tweets brought heat in the crypto market.
The prices of bitcoin, ethereum and dogecoin rose after Elon Musk disclosed that he would not sell his crypto holdings. Before Musk’s tweet, all three major cryptocurrencies were trading in the red mark.
The matter was actually that Elon Musk had asked on Twitter, what are your thoughts about the possible inflation rate in the next few years? In response, Michael Saylor, CEO of business intelligence firm MicroStrategy,
said US dollar consumer inflation will remain near its all-time high and capital inflation will grow at twice the rate of consumer inflation.” Weak currencies will fall, from cash, debt, value stocks to scarce assets like bitcoin will rise.”
Musk said – I will not sell crypto
Masak also replied to this answer of Saylor. He wrote on Twitter, ‘The general principle is that when inflation is high, it is better to own physical things like a house or stock in companies that make your favorite products, than dollars. I still own bitcoin, ethereum and doge fwiw and will not sell any of them at the moment.
The rise in the crypto market
Before Musk’s tweet, the price of bitcoin had fallen by 2.9 percent, but after Elon Musk’s tweet, it saw a rise. A jump of up to 2.3 percent was recorded in Ethereum. Similarly, the price of Dogecoin increased by 3.8 percent.
