Bitcoin and cryptocurrency prices have been under pressure through most of 2022, with the bitcoin price losing almost 20% so far this year.
The ethereum price and other major cryptocurrencies have also fallen sharply as bullish investors balk at the prospect of rising interest rates and a slow down in pandemic-era stimulus measures.
Now, Tesla billionaire Elon Musk, who sent shockwaves through the crypto world when he added $1.5 billion of bitcoin to Tesla’s balance sheet last year, has said he still owns and “won’t sell” his bitcoin, ethereum and dogecoin—advising people not to hold dollars when inflation is high.
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Tesla billionaire Elon Musk is one of the best-known holders of bitcoin, ethereum and dogecoin, … [+]
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“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 said via Twitter as part of a conversation with bitcoin bull Michael Saylor. “I still own and won’t sell my bitcoin, ethereum or doge [for what it’s worth].”
Musk, who’d asked his Twitter followers what their thoughts were about the “probable inflation rate over next few years,” was replying to Saylor, the chief executive of business intelligence software company MicroStrategy, who predicted “consumer inflation will continue near…
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