The Tesla and SpaceX CEO, however, feels rising inflation makes “physical things” like homes and stocks in companies “with good products” better investment choices.
Elon Musk has said he isn’t going to sell his crypto holdings in Bitcoin (BTC), Ethereum (ETH) and Dogecoin (DOGE).
Musk, whose first purchases of Bitcoin coincided with the onset of the 2020-2021 bull market, however, does appear to favour investments in “physical things” amid rising inflation.
The Tesla and SpaceX CEO noted this on Monday, tweeting that real estate or stocks of companies making “good products” could be better than dollars given the high inflation.
US inflation has paced at its fastest rate year-over-year, with February’s data pointing to a 7.9% reading. It’s the highest level at which prices have risen in 40 years, with pandemic-era monetary and fiscal stimulus a key driver that has only been exacerbated by the war in Ukraine.
“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 noted in the Twitter thread.
“I still own and won’t sell my Bitcoin, Ethereum or Doge fwiw,” he added.
His comments come as the global markets face significant selling pressure amid sanctions against Russia for invading Ukraine.
Bitcoin slipped alongside in the days after the invasion, while a ban on Russian oil exports pushed oil prices to multi-year highs. Prices of gold, palladium, copper also rose significantly.
Bitcoin is up 1.3% over the past week, currently near $38,200, while Ethereum (ETH) is just under 1% and Dogecoin has declined 5% this past week.
Meanwhile, European shares are trending higher in early deals amid optimism over talks between Ukraine and Russia.
Oil is down about 5% after last week’s ban on Russian exports and a major lockdown in China due to a new surge in Covid infections.
The post Tesla CEO Elon Musk: I won’t sell my Bitcoin, Ethereum and Dogecoin appeared first on Coin Journal.
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