On Monday, Bitcoin, Ether, and Dogecoin all received a bump after Elon Musk tweeted that he holds the digital currencies and has no plans to sell them. Bitcoin, which had dropped as much as 2.9 per cent before Musk’s post, momentarily recovered before receding. Ether rose as high as 2.3 per cent before losing some of its gains. Dogecoin gained 3.8 per cent in the last hour, the most of any cryptocurrency tracked by CoinGecko.
Musk, the world’s richest man and the CEO of Tesla Inc., is no stranger to cryptocurrency-related social media posts. He declared in May that he hasn’t “and won’t” sell any Dogecoin, a funny token launched in 2013 that he’d become a supporter of. Musk stated in October that he owns Bitcoin, Ether, and Dogecoin.
He’d asked a question on the expected pace of inflation over the next few years on Twitter this time. “Weaker currencies will fail, and the flight of capital from cash, debt, and value stocks to rare property like #bitcoin will intensify,” said Michael Saylor, CEO of MicroStrategy Inc. and a renowned Bitcoin bull.
“It is not entirely unpredictable that you would reach that conclusion,” Musk retorted. MicroStrategy took a $147 million impairment charge for the fourth quarter as Bitcoin’s price drop forced the company to write down its holding.
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