As rising inflation threatens to further devour the purchasing power of the global paper ecosystem, finding the perfect hedge against a falling economy has become a pressing need – especially for the general public around the world.
Joining this online discussion, Tesla CEO Elon Musk publicly asked about the likely rate of inflation over the next few years to gauge the opinion of global investors. Sharing his thoughts on the matter, American billionaire and MicroStrategy CEO Michael J. Saylor opined that as inflation rises, he expects the cash flow of capital to shift from traditional fiat money to scarce assets like bitcoin (BTC).
US dollar consumer inflation will remain close to all-time highs and asset inflation will double the rate of consumer inflation. Weaker currencies will collapse and the flight of capital from cash, debt and value stocks to scarce property like bitcoin will intensify. — Michael Saylor⚡️ (@saylor) March 14, 2022
Over the past six months, major economies including the UK, Turkey, Russia and the US have faced unprecedented inflationary pressures due to global uncertainty and disruption caused by cross-border conflicts and the COVID-19 pandemic.
Complimenting Saylor’s general suggestion to invest in scarce assets to counter rising U.S. dollar inflation, Musk responded, “It’s not out of the question that you’ll come to that conclusion.”
While the general public joined in the discussion by dismissing Saylor’s proposal to use BTC as a hedge against inflation due to personal investment, Musk acknowledged that predominantly scarce assets such as physical property and company shares help investors maintain their purchasing power. against high inflation.
As a general rule, for those who seek advice on this topic, it is generally better to own physical things, such as a house or shares of companies that you think make good products, than dollars when inflation is high. I still own my Bitcoin, Ethereum or Doge and won’t be selling them by the way. — Elon Musk (@elonmusk) March 14, 2022
As part of the council, Musk shared his intention to continue holding BTC, Ethereum (ETH), Dogecoin (DOGE) amid rising inflation “for what it’s worth.”
Tesla will make some items that can be bought with Doge and we’ll see how it goes — Elon Musk (@elonmusk) December 14, 2021
Back in December 2021, Musk confirmed that electric vehicle giant Tesla would begin accepting DOGE as merchandise, causing the price of the meme’s token to jump 25%.
However, Musk’s latest tweet in support of cryptocurrencies has yet to have a positive impact on price drops.
Related: Dogecoin Foundation registers name and logos as trademarks in the EU
In an effort to increase the legitimacy of its thriving ecosystem, the Dogecoin Foundation has registered “Doge”, “Dogecoin” and related logos as trademarks in the European Union.
With the growing number of bad faith attempts to register trademarks for “Doge”, “Dogecoin” and even logos created for Dogecoin by Christine Ricks by people and organizations, we had no choice but to register them in order to protect all the good shiba in the @Dogecoin community. .2/2 — Dogecoin Foundation (@DogecoinFdn) March 2, 2022
According to Cointelegraph, Dogecoin executive board member Jens Wiechers said the move was made in an attempt to weed out attempts by unaffiliated individuals to register names and use trademarks as extortion tools.