After Tesla CEO Elon Musk announced that he will not sell his cryptocurrency holdings, the price of joke cryptocurrency Dogecoin soared by more than 9%. On major spot markets, the coin is now trading at $0.11.
The crazy centibillionaire owns Bitcoin and Ethereum in addition to the canine cryptocurrency.
Musk first revealed the nature of his bitcoin holdings in July at an online conference called “The B Word.” Musk stated during the event that he was not interested in driving up the price of Bitcoin and selling it, adding that he wanted the world’s largest cryptocurrency to prosper.
In October, the entrepreneur revealed that he had purchased the three cryptocurrencies “out of curiosity,”. That’s, while advising his followers not to put their money in the cryptocurrency market.
Musk also denied holding the Dogecoin coin Shiba Inu at the time, causing the canine cryptocurrency’s valuation to plummet.
While the magnitude of Musk’s cryptocurrency assets is unknown, Tesla disclosed in early February that it had more than $2 billion in Bitcoin. In early 2021, the leading e-car maker invested $1.5 billion in the largest cryptocurrency.
Musk snubbed MicroStrategy CEO Michael Saylor, who predicted that weaker currencies will fall. Then, and that capital flight from other assets to Bitcoin would “intensify.”
The world’s richest man joked that one of permabull’s answer wasn’t “completely unpredictable.”
The consumer price index (CPI) in the United States increased 7.9% from a year ago, the highest level in more than 40 years.
Musk asked his followers on Twitter regarding the “likely inflation rate” in the coming years.
Billy Markus, a co-founder of Dogecoin, mocked Saylor’s “hyperbolic Bitcoin shilling.”
The centibillionaire himself advised his followers to invest in tangible assets or stocks in high-quality manufacturing companies.
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