Elon Musk has once again turned to Twitter to advocate for cryptocurrencies. Tesla CEO Elon Musk warned on Twitter that the company was under pressure due to rising inflation. He also said that the surge in commodity prices was putting pressure on SpaceX.
Musk included a link to a Financial Times piece about the global spike in commodity prices in his tweet. Following Russia’s invasion of Ukraine last month, global commodity prices were on course for the largest spike in 50 years, according to the article.
Commodity price increases aren’t the only indicator of rising inflation. The Consumer Price Index in the United States likewise showed strong inflation rates. According to data provided on March 10th by the Bureau of Labor Statistics, inflation was at a high of 7.9 percent. This is the greatest level in decades.
Musk’s remark regarding the difficult days ahead for both firms sparked debate on Twitter, as expected. Mark Saylor, CEO of MicroStrategy, was quick to respond to Tesla CEO Elon Musk’s tweet. According to Saylor, inflation is anticipated to rise further and reach all-time highs in the next few weeks. It is also projected that asset inflation will be twice as fast as consumer inflation. If things remain as they are, weaker currencies will collapse. Saylor anticipates that many investors will abandon their investments.
It’s important to note that Saylor’s company, MicroStrategy, has more than 125,000 BTC. He is also well-known for being an outspoken proponent of cryptocurrency. Musk, who has been an outspoken proponent of cryptocurrencies, agreed with Saylor that cryptocurrencies are a smart investment during times of inflation. Under the current conditions of rising inflation, cryptocurrencies, according to Tesla CEO Elon Musk, are a good asset to have. He also stated that possessing real assets such as a home or shares in companies with a solid product was a better investment than holding cash while inflation continues to climb.
Musk, who has made significant investments in cryptocurrencies, claimed that he has no plans to sell his cryptocurrency. He currently holds Bitcoin, Ethereum, and, of course, Dogecoin. Musk has recently shown his support for Dogecoin and other cryptocurrencies. He has argued that the decentralized character of cryptocurrencies may be the solution that the world requires to avoid governments from tampering with the money supply.
As Ukrainians turn to cryptocurrency for day-to-day transactions, the situation in Ukraine is proving his claims to be true. People from all around the world are utilizing cryptocurrency to assist citizens in Ukraine.