Elon Musk Offers Advice on Inflation, Says He Won't Be Selling Crypto: 'It Is Generally Better to Own Physical Things'
The Tesla CEO took to Twitter to offer advice amid the ongoing inflation rates.
Inflation rates have expectedly begun to soar upon ongoing conflict between Russia and Ukraine.
From surge pricing to offset rising fuel costs for rideshare companies like Uber to increased prices of groceries and products, Americans everywhere are feeling the effects.
Elon Musk has not remained silent about the conflict and shown support for Ukraine — but now he's showing support for his followers on Twitter in the form of financial advice amid the volatile market and economy.
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On Sunday, Musk asked his followers for their thoughts on the probable inflation rates over the next few years.
Co-founder of MicrosStrategy, Michael Saylor, responded to Musk and predicated that inflation will near "all time highs" also noting that "weaker currencies will collapse" and the "flight of capital from cash, debt, & value stocks to scarce property like #bitcoin."
Musk responded back saying that Saylor's prediction was not "entirely unpredictable" before offering sage advice.
As a general principle, for those looking for advice from this thread, it is generally better to own physical things like a home or stock in companies you think make good products, than dollars when inflation is high.— Elon Musk (@elonmusk) March 14, 2022
I still own & won't sell my Bitcoin, Ethereum or Doge fwiw.
"As a general principle, for those looking for advice from this thread, it is generally better to own physical things like a home or stock in companies you think make good products, than dollars when inflation is high," Musk wrote.
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He also told followers that he won't be selling his Bitcoin, Ethereum or Dogecoin.
The Tweet received nearly 48,000 likes and 9,690 retweets.
Users in the comments pointed out that Doge has outperformed Bitcoin over the past year while others accused Musk "pumps, but he won't dump," in reference to his constant Tweeting about various cryptocurrency which critics of the billionaire have said have added to market volatility.
Musk's own company, Tesla, was down over 4% in a 24-hour period as of Monday afternoon.