- Elon Musk has said that he is still holding and “won’t sell” his Bitcoin, Ethereum, or Dogecoin.
- Musk made the comments on Twitter during a discussion about inflation.
- The update is only the latest instance of Musk indicating that he believes in crypto’s future.
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Musk said that he still owns Bitcoin, Ethereum, and Dogecoin.
Elon Musk Still Holding Crypto
Elon Musk is holding onto his portfolio of crypto assets amid soaring inflation rates.
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The Tesla and SpaceX CEO took to Twitter late Sunday to ask his 77.7 million followers what they thought of the “probable inflation rate” over the years ahead. When MicroStrategy CEO and known Bitcoin evangelist Michael Saylor weighed in to say that he thought U.S. inflation would increase and demand for scarce assets like Bitcoin would surge, Musk responded by acknowledging that Saylor’s viewpoint was “not entirely unpredictable.”
He then went on to discuss how holding assets is viewed as a better play than saving cash during periods of high inflation. “it is generally better to own physical things like a home or stock in companies you think make good products,” Musk wrote. In the same tweet, Musk clarified his crypto holdings and added that he would hold onto his assets. “I still own & won’t sell my Bitcoin, Ethereum or Doge fwiw.”
Musk had previously revealed that he personally owns the two top crypto assets and Dogecoin in conversation with Jack Dorsey and Cathie Wood as part of The ₿ Word conference in July 2021. Musk, the richest person in the world with an estimated net worth of over $220 billion, has never revealed how much crypto he owns, though he has shared that the vast majority of his wealth is tied up in stocks for his companies.
Musk doesn’t often comment on his crypto portfolio publicly and is better known for using his Twitter account to post goofy memes (a few hours after declaring that he would be holding onto his crypto, he challenged Russian President Vladimir Putin to “single combat”). However, his latest update on his crypto holdings suggests that he views the asset class as a long-term investment play. Musk has shown hints of his belief in crypto’s potential in the past: on May 19, after the market crashed on exhaustion and fears of China’s Bitcoin mining ban, he memorably posted a tweet to say that Tesla has “diamond hands” as a hint that it would be holding onto the Bitcoin it holds on its balance sheet. He’s also previously been filmed saying that he thinks that crypto has a good shot at becoming “the future currency of earth.”
Musk’s comments come after the U.S. inflation rate printed a 40-year high of 7.9% last week. With Bitcoin often touted as an inflationary hedge, the U.S. macroeconomic climate has become a hot topic of conversation across the crypto community in recent weeks. However, the market showed little response to the news. Bitcoin and most other assets stayed stagnant throughout last week, continuing a months-long trend of weak price action across the crypto market.
Disclosure: At the time of writing, the author of this piece owned ETH and several other cryptocurrencies.
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