Elon Musk Will Not Sell His Cryptocurrency Holdings: Report

Elon Musk will not sell his cryptocurrency holdings and continues to back his bullish bets on crypto as inflation pressure enhances so let’s read furhter in today’s latest cryptocurrency news.

The Tesla CEO Elon Musk will not sell his cryptocurrency holdings as he took it to Twitter to share his opinion on crypto, vowing that the BTC, ETH, and DOGE stash will remain in his portfolio. Musk made the comments in a discussion on inflation:

 “Tesla [and] SpaceX are seeing significant recent inflation pressure in raw materials [and] logistics.”

He even asked the audience for their opinion on the inflation rates in the next few years. Michael Saylor, the CEO of MicroStrategy who is a well-known BTC bull, was one of the biggest accounts to respond to Musk and he said he expects flight from “cash, debt and value stocks” to his preferred asset BTC to intensify soon. To that, Musk somewhat agreed and added that it is better to own physical things like a home or stocks in companies that can make good products than a dollar when the inflation is high, stating that he doesn’t intend to sell his crypto holdings.

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.

I still own & won’t sell my Bitcoin, Ethereum or Doge fwiw.

— Elon Musk (@elonmusk) March 14, 2022

Microstrategy and Tesla are the biggest companies to hold BTC on their balance sheet. Saylor’s company has been much more aggressive in the purchase and accumulated billions of dollars in the asset over the past few years. Tesla also invested millions in BTC and the company even started accepting Bitcoin for payments until it decided to cut the idea short due to environmental concerns around Bitcoin.

Musk has been more diverse in crypto exploration and at one point he even became known as the Dogfather of DOGE. The Tesla CEO tweeted about DOGE constantly and also spurred the meme coin into a controversial price rally. The latest tweet mentioning DOGE had a similar effect. DOGE jumped from $0.111 to $0.119 according to the data from CoinMarketCap which recorded a 7% increase. The leading dog coin shed some of the gains and it is now trading at $0.115. As for fighting off inflation, most investors in traditional markets are scrambling for safety and if crypto becomes a shelter, remains to yet be seen.

Musk could be the only corporate CEO to suggest holding DOGE to remedy the rising prices with companies around the world keep a close eye on the rising inflation. The consumer price index ranging from vehicles and food supplies, hit a 40-year high last week as per the report from the US Labor Department. Compared to prices from February 2021, the figures indicate a jump of 7.9%. The global sanctions put a stranglehold on Russia’s finances but the restrictions also led to a huge spike in the price of commodities and gas.