Elon Musk, CEO of Tesla and current holder of the ‘worlds richest person’ tag is no stranger to social-media posts that sway opinion and investor sentiment on cryptocurrencies.
Last May he said he hasnt ‘and wont’ sell any Dogecoin, a token created in 2013 as a meme and then took on ‘legitimate status’ and for which he had become a supporter.
In October, Musk said he owns Bitcoin, Ether and Dogecoin. Bitcoin briefly erased losses on his latest musings. Ether was up as much as 2.3% before giving up some gains.
Dogecoin rose 3.9% to $0.11, before falling 1.2% in early morning trading. Bitcoin rose 3.4% initially and is up 0.2%. Ether, the token underpinning the Ethereum blockchain network, was up 0.3%.
CoinDesk
Musk had initially posted a question on Twitter about the likely rate of inflation over the next few years, and the wisdom in investing in traditional currency, as opposed to land and other investments.
Michael Saylor, the chief executive officer of MicroStrategy Inc. and a prominent Bitcoin investor said ‘Weaker currencies will collapse, and the flight of capital from cash, debt, & value stocks to scarce property like bitcoin will intensify.’
‘It is not entirely unpredictable that you would reach that conclusion,’ Musk had replied.