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Dogecoin, Bitcoin and Ether briefly spiked on Monday after Tesla (ticker: TSLA) CEO Elon Musk tweeted that he still owns the cryptocurrencies and won’t sell.
Dogecoin (DOGEUSD) rose 3.93% to $0.11, according to CoinDesk before falling 1.20% in early morning trading. Bitcoin (ticker: BTCUSD) the world’s largest cryptocurrency, rose 3.36% initially and is up 0.15%. Ether (ETHUSD), the token underpinning the Ethereum blockchain network, was up 0.33%.
“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,” Musk tweeted.
“I still own & won’t sell my Bitcoin, Ethereum or Doge fwiw.”
Musk had posted a question on Twitter about his thoughts on the likely rate of inflation over the next few years.
MicroStrategy (MSTR) CEO Michael Saylor replied: “Weaker currencies willcollapse, and the flight of capital from cash, debt, & valuestocks to scarce property like #bitcoin will intensify.”
“It is not entirely unpredictable that you would reach thatconclusion,” Musk responded.
MicroStrategy reported a non-cash digital asset impairment charge of $146.6 million in the fourth quarter, up from $65.2 million in the prior quarter, according to its latest earnings statement.
Write to Lina Saigol at [email protected]
