Despite a dip in cryptocurrency values, Elon Musk, an entrepreneur and business giant, is bullish on Bitcoin, Ethereum, and Dogecoin. As an inflation hedge, Musk advises investors to hold physical assets.
Elon Musk expresses optimism for Bitcoin, Ethereum, and Dogecoin.
Elon Musk, the CEO of Tesla and a wealthy entrepreneur, polled his Twitter followers on the likely pace of inflation in the next years. Musk’s tweet drew a response from Michael Saylor, the CEO of MicroStrategy and a proponent of Bitcoin.
Saylor was quoted as saying:
USD consumer inflation will continue near all-time highs, and asset inflation will run at double the rate of consumer inflation. Weaker currencies will collapse, and the flight of capital from cash, debt, & value stocks to scarce property like #bitcoin will intensify.
Musk maintains a bullish outlook on Bitcoin, Ethereum and Dogecoin. The billionaire CEO of Tesla won’t sell his cryptocurrency holdings despite the current bloodbath in crypto.
In the recent rout in risk assets, the whole market capitalization of crypto has fallen. Although the values of Bitcoin, Ethereum, and Dogecoin have fallen, Musk remains bullish on cryptocurrencies.
Analysts have assessed the Bitcoin price trend and projected that the asset will rebound. In a probable ascending triangle corrective pattern, Bitcoin might break out of its slump and begin a rally to $52,000.
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