Elon Musk, Michael Saylor Side With Bitcoin as a Hedge Against Inflation Risks

While Saylor predicted that BTC’s scarcity will drive-in capital, Musk said he will not sell his BTC, ETH, and DOGE holdings.

Elon Musk, Michael Saylor Side With Bitcoin as a Hedge Against Inflation Risks

Photo Credit: Facebook/ Elon Musk Page

Bitcoin is rare in nature because only 21 million BTC units will ever be mined

  • Musk and Saylor discussed inflation on Twitter
  • Musk said he will not sell BTC, DOGE, ETH holdings
  • Saylor said BTC’s rare nature will pour in investments

The global economic system seems to be undergoing a massive shift with geopolitical tensions riding high around the world. In a recent chat on Twitter, while Elon Musk and Michael Saylor backed Bitcoin (BTC) as a hedge against a rise in inflation, Musk also advised people to invest in physical assets to stay ahead of probable inflation curve. Saylor, on the other hand, predicted that USD consumer inflation will remain near all-time highs and that BTC's scarcity will drive in capital and further investments into the cryptocurrency.

Musk, the CEO of Tesla and SpaceX opened a Twitter discussion around the probable inflation rate that could be observed over the next few years, in the wee hours of Monday, March 14.

The multi billionaire highlighted that he will continue holding on to his Bitcoin, Ether, and Dogecoin amid rising inflation for what it's worth.

Replying to Musk's tweet, Saylor predicted that the US dollar will witness consumer inflation nearing all-time highs, and asset inflation will run at double the rate of consumer inflation.

The CEO of business intelligence firm MicroStrategy further added that investments in Bitcoin will ‘intensify' because of its scarcity.

The annual inflation rate in the US increased from 3.2 percent in 2011 to 4.7 percent in 2021, indicating that the purchasing power of the dollar has weakened in recent years, as per research firm Statista.

The COVID-19 pandemic, along with the ongoing Ukraine-Russia war altering the dynamics of international politics are some of the reasons why inflation risks are being predicted by industry leaders.

Just last week, Saylor called Bitcoin a “miraculous limited resource” unlike gold, real estate, equities, and bonds among other priced resources noting that there will only be 21 million Bitcoins to ever exist.

Within 13 years of its existence, 90 percent of the 21 million Bitcoins have already been mined. That makes for 18.9 million units.

Last year, a report by Blockchain.com claimed that it will take 120 years for the remaining 10 percent Bitcoin tokens to be mined.

Meanwhile, the support by Musk and Saylor for the crypto sector did have some positive impact on their market movement.

BTC, Ether (ETH), and Dogecoin (DOGE) showed small profits at the time of writing, as per Gadgets 360's crypto price tracker.

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Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article. 

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Radhika Parashar
Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at RadhikaP@ndtv.com. More
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