Dogecoin, Bitcoin and Ether briefly spiked on Monday after
(ticker: TSLA) CEO Elon Musk tweeted that he still owns the cryptocurrencies and won’t sell.
(DOGEUSD) rose 3.93% to $0.11, according to CoinDesk before falling 1.20% in early morning trading.
(ticker: BTCUSD) the world’s largest cryptocurrency, rose 3.36% initially and is up 0.15%.
(ETHUSD), the token underpinning the Ethereum blockchain network, was up 0.33%.
“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 tweeted.
“I still own & won’t sell my Bitcoin, Ethereum or Doge fwiw.”
Musk had posted a question on
about his thoughts on the likely rate of inflation over the next few years.
“It is not entirely unpredictable that you would reach thatconclusion,” Musk responded.
Write to Lina Saigol at [email protected]