As predicted, inflation rates have increased following the continuing conflict between Russia and Ukraine. Many Americans are currently feeling the pinch as many companies and businesses increase prices on their products and services to offset the rising fuel costs. For instance, transportation companies like Uber have increased their costs, and retailers all over the country are charging extra money on groceries and other products due to the inflation.
Many influential people worldwide, including Elon Musk, have aired their concerns about the war and its effects. Apart from openly showing his support for Ukraine since the conflict began, Musk has supported his Twitter followers by providing them with financial advice to help deal with the current unpredictable market and economy, which may worsen in the coming days if the conflict continues.
On Sunday, Elon Musk asked his followers to share their thoughts about potential inflation rates expected to hit the world in the coming years. Michael Saylor, the co-founder of MicroStrategy, replied to Musk’s post and predicted that inflation rates would reach their all-time high. Saylor also insinuated that weaker currencies would likely collapse, and people would abandon cash, debt, and value stocks to invest in scarce assets like bitcoin.
Elon Musk reverted to Saylor, saying his prediction was not wholly unpredictable. Additionally, he went ahead to offer his followers astute advice. Musk explained that owning physical things like a home or stock in organizations that make quality products is recommended over owning cash money when inflation increases. Moreover, the billionaire informed his followers that he will be holding his Bitcoin, Ethereum and Dogecoin and won’t sell any of them.
Elon Musk’s tweet received many engagements. It had about 48,000 likes and an additional 9,690 retweets. People also had much to say in the comment section. Some followers commented that Dogecoin had outshined Bitcoin over the last year. In addition, others followers accused him of pumping some cryptocurrencies by constantly tweeting about them. Musk’s critics claim that his tendency to promote certain coins exacerbates the already volatile market. As of Monday afternoon, Musk’s electric vehicle and clean energy company, Tesla, was down by more than 4 percent in 24 hours.