12.8 C
New York
Thursday, May 26, 2022

๐ŸŽ“ Are cryptocurrencies the best solution to inflation?

- Advertisement -
- Advertisement -

Commercial

With rising inflation threatening to consume more of the purchasing power of the global stock market ecosystem, finding the perfect hedge against a declining economy is now essential, especially for the general public around the world.

Joining this online discussion, Tesla CEO Elon Musk publicly asked about the likely rate of inflation in the coming years to gauge global investors’ insight.

And the American billionaire and CEO of Microstrategy โ€œMichael Saylorโ€ shared his thoughts on this issue as he saw that with rising inflation he expects capital cash flow to shift away from traditional assets to rare assets like Bitcoin (BTC). ).

Over the past six months, major economies such as the UK, Turkey, Russia and the US have experienced unprecedented inflationary pressures due to global uncertainty and turmoil fueled by cross-border conflicts and the COVID-19 pandemic.

And Musk responded, praising Saylor’s public suggestion to invest in scarce assets to counter rising US dollar inflation, “It’s not entirely unexpected that he would come to that conclusion.”

While the general public joined in the discussion, rejecting Saylor’s suggestion to use bitcoin as a hedge against inflation due to personal investments, Musk acknowledged that most scarce assets, such as physical property and company stock, help. investors to maintain their purchasing power against high inflation.

As part of the advice, Musk shared his intention to continue trading Bitcoin (BTC), Ethereum (ETH), and Dogecoin (DOGE) amid rising inflation, for their value.

It is worth noting that in December 2021, Musk confirmed that Tesla would begin accepting DOGE as a commodity, leading to a 25% increase in the price of the Doge coin.

doecoin

But today, Musk’s latest tweet in support of the cryptocurrency did not have any positive effect on the price drop.



Source link

- Advertisement -

New Articles