Tesla founder Elon Musk provided some basic financial advice on Monday as US inflation hits four-decade highs – noting the public should invest in physical assets even as he indicated that he would…
– noting the public should invest in physical assets even as he indicated that he would continue holding riskier bets on cryptocurrencies.
Musk discussed his view on how to handle the difficult financial conditions after asking followers to provide their “thoughts about probable inflation rate over next few years.” Inflation hit 7.9% in February as higher costs for daily necessities such as food and fuel slammed US household budgets. “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.
The billionaire added that he has no plans to sell his cryptocurrency holdings – despite their reputation as riskier assets that tend to sell off when the market is volatile.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.Leading cryptocurrencies briefly spiked following Musk’s remarks before leveling off.
Musk’s initial question on Twitter drew a response from MicroStrategy CEO Michael Saylor, another prominent cryptocurrency who has
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