Dogecoin's Value Rises After Elon Musk Declares That He Would Not Trade His Cryptocurrency.

2022-03-14 | Selina Mathew

Dogecoin's Value Rises After Elon Musk Declares That He Would Not Trade His Cryptocurrency.

Following Tesla CEO Elon Musk announced that he will not liquidate his cryptocurrency holdings, the value of meme cryptocurrency Dogecoin increased by over 9%. On prominent spot markets, the currency is now trading at $0.11.

The crazy centibillionaire also holds Bitcoin as well as Ethereum in addition to the canine cryptocurrency.

Musk first disclosed the nature of his bitcoin holdings in July at "The B Word," an internet event. Musk stated at the conference that he was not involved in driving up the value of Bitcoin as well as then selling it, adding that he desired the biggest crypto to prosper.

In October, the businessman emphasized that he purchased the three cryptos "out of intrigue," whilst advising his fans not to stake the farm on cryptocurrency. Musk also disputed holding Dogecoin coin Shiba Inu at the time, causing the canine cryptocurrency's price to fall temporarily.

Whilst the exact value of Musk's crypto assets is unclear, Tesla disclosed in the initial days of February that it had over $2 billion in Bitcoin. In early 2021, the major e-car maker invested $1.5 billion in the biggest cryptocurrency.

Discussing inflation

Musk took a subtle jab at MicroStrategy CEO Michael Saylor, who projected that inferior currencies would fall and also that capital flow from other assets to Bitcoin would "amplify." The globe's wealthiest man remarked that one among Permabull's responses was not "completely unexpected."

Following the consumer price index (CPI) in the United States increased 7.9 percent from a year earlier, the highest level in over 40 years, Musk moved to Twitter to question his fans regarding the "likely inflation rate" in the coming years.

Billy Markus, co-creator of Dogecoin, reportedly mocked Saylor's "fatuous Bitcoin shilling."

The centibillionaire himself advised his supporters to invest in real goods or stocks in firms that manufacture superior-quality goods.

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