Elon Musk claims that he won’t sell his Dogecoin stash
The price of the cryptocurrency meme Dogecoin soared more than 9% after Tesla CEO Elon Musk confirmed he would not sell his cryptocurrency holdings. The coin is trading at $0.11 on major spot exchanges.
Apart from the canine cryptocurrency, the eccentric centibillionaire owns Bitcoin and Ethereum.
Musk first revealed the makeup of his cryptocurrency portfolio during “The B Word,” an online conference that took place in July. During the event, Musk made it clear that he was not interested in pushing the price of Bitcoin and selling it, saying he wanted the biggest cryptocurrency to succeed.
In October, the entrepreneur clarified that he had bought the three cryptocurrencies “out of curiosity,” while urging his followers not to bet their farm on crypto. Back then, Musk also denied owning Dogecoin coin Shiba Inu, which made the canine cryptocurrency experience a temporary price drop.
While the size of Musk’s cryptocurrency holdings remains unknown, Tesla reported holding over $2 billion worth of Bitcoin in early February. The leading electric car maker bought $1.5 billion in the biggest cryptocurrency in early 2021.
Pondering about inflation
Musk took a veiled swipe at MicroStrategy CEO Michael Saylor, who predicted that weaker currencies will collapse, and the flight of capital from other assets to Bitcoin will “intensify.” The world’s richest man joked that the response of one of permabull wasn’t “entirely unpredictable.”
After the US consumer price index (CPI) climbed 7.9% a year ago, the highest level in more than 40 years, Musk took to Twitter to ask his followers about the “probable rate of inflation” over the next few years.
Dogecoin co-founder Billy Markus also made fun of Saylor’s “hyperbolic Bitcoin shilling.”
The centibilliardaire himself recommended that his followers own physical assets or shares in companies that produce high-quality products.
