Elon Musk Says He’s Not Selling His Crypto Holdings

Elon Musk, the world’s richest person and Tesla and SpaceX CEO, tweeted that he owns cryptocurrencies like Bitcoin Ether and Dogecoin and has no plans to sell them. He had asked on Twitter what is thoughts were on the likely rate of inflation over the next several years.

In response to his tweet, Michael Saylor, the CEO of MicroStrategy Inc. and a prominent Bitcoin bull, stated that USD consumer inflation will remain near all-time highs, while asset inflation will operate at twice the rate of consumer inflation. Weaker currencies will collapse, and capital will flee from cash, debt and value stocks to scare property like Bitcoin.

Bitcoin which had fallen as much as 3% prior to Musk’s tweet, briefly recovered the losses before falling again. The prices of ether and dogecoin have also increased in the last hour, which is the most among the cryptocurrencies tracked by CoinGecko.

Elon Musk is well known for his crypto currencies related social media posts. Last May, he stated that he has not and “will not” sell any dogecoin token created as a joke in 2013 and for which he had become a prominent as the self-proclaimed “Dogefather.” The billionaire also revealed last year that he owns Bitcoin, Ether and Dogecoin.

According to the company’s most recent earnings report, MicroStrategy Inc. reported a $146.6 million non-cash digital asset impairment charge in the fourth quarter, up from $65.2 million the previous quarter.