Tesla Inc TSLA CEO Elon Musk appears to be having a laugh at the expense of the greenback while 'hodling' his Dogecoin DOGE/USD, Bitcoin BTC/USD, and Ethereum ETH/USD.
What Happened: In a series of tweets on Sunday, the entrepreneur clarified his stance on fiat, as well as, cryptocurrencies.
"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 tweeted. "I still own & won’t sell my Bitcoin, Ethereum or Doge [for what it's worth]."
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.
Also on Sunday, Musk reacted to a post by Scott Galloway, a professor of marketing at the New York University’s Stern School of Business.
Galloway, a public speaker and podcast host, tweeted on Sunday that he was “doubling down” on the “most innovative payment technology and store of value: USD.”
didn’t think i could be anymore bearish on USD until i saw this tweet
— Gali (@Gfilche) March 13, 2022
— Elon Musk (@elonmusk) March 14, 2022
Musk reacted to Galloway’s thread with a "rolling on the floor" laughing emoji.
See Also: How To Buy Dogecoin (DOGE)
Why It Matters: Musk is a well-known backer of cryptocurrencies, especially Dogecoin.
Under his leadership, Tesla has added Bitcoin to its treasury and taken to pricing some merchandise in DOGE.
Last year, Musk called Galloway an “insufferable numbskull.” The insult came after Galloway criticized Musk for posting a Twitter poll asking his followers whether should sell 10% of his company holdings.
At the time, the academic asked Musk to refrain from name-calling and ad hominem attacks as both of them had more in common than is perceived.
The dollar index, a measure of the greenback’s strength against six of its peers, has risen 3.44% since 2022 began, whereas Bitcoin, Ethereum and DOGE have declined 20.1%, 32.94% and 35.6% respectively during the same period.
Photo: Courtesy of Steve Jurvetson via Flickr
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
