Business magnate Elon Musk tweeted about the current financial situation and inflation asking opinions about the future inflation rate for the coming years. Musk wrote that Tesla and SpaceX are seeing high inflation pressure in raw materials as well as logistics.
Related: Musk Says He’ll Eat Happy Meal on TV if McDonald’s Accepts DOGE
As a common principle, Musk said it's better to have physical properties such as a home or stock in firms than USD in the case of high inflation. Musk added that he owns and won't sell his BTC, Ether, or DOGE for what it's worth.
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.
— Elon Musk (@elonmusk) March 14, 2022
I still own & won’t sell my Bitcoin, Ethereum or Doge fwiw.
The CEO of Microstrategy, Michael Saylor replied to Musk's tweet saying that weaker currencies are going to fail. Meanwhile, scarce properties like BTC will grow in popularity. Musk found it isn’t surprising that Saylor would think so.
Saylor is a huge Bitcoin supporter and investing in Bitcoin is a part of MicroStrategy’s business strategy. In the last 24 hours, the total crypto market cap increased by 0.35% and currently stands at around $1,75 trillion. Bitcoin trades at over $39,100.