Cryptocurrencies Worth More Briefly After Elon Musk Comment | Financial issues

Cryptocurrencies Worth More Briefly After Elon Musk Comment |  Financial issues

Musk quickly saw that Bitcoin was making up for its 2.9 percent loss. Ether rose 2.3 percent after the Tesla chief’s message, after which profits fell again. Dogecoin’s gain of more than 4 percent was the largest among cryptocurrencies in the past hour.

Musk, the world’s richest person, is no stranger to social media posts about cryptocurrencies. Last spring, he said he did not have bitcoin and would sell it. This coin was created as a joke in 2013, but has also been embraced by Musk. In October, Musk said he owns Bitcoin, Ether and Dogecoin.

This time, Musk answered a question about the likely rate of inflation in the coming years. Michael Saylor, CEO of technology firm MicroStrategy and a prominent supporter of bitcoin, wrote that “weaker currencies will collapse” and there will be capital flight such as cash, debt and value stocks to scarce assets such as bitcoin.” Musk responded by saying Saylor’s conclusion “is unpredictable.” Exactly.” In the last quarter of 2021, MicroStrategy was forced to write a write-off of $147 million due to the depreciation of Bitcoin.

Bitcoin was worth 1.2% at $38,633 on Monday, according to CoinmarketCap, which tracks cryptocurrency prices. For years proponents have viewed the digital currency as a safe haven in turbulent times, as a kind of “digital gold”. Ether rose 1.6 percent to $2,578. Dogecoin was worth 4.4 percent more. The coin costs just over 11 cents.

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