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Bitcoin, Ethereum, and Dogecoin got a quick boost on Monday after Elon Musk tweeted that he will not sell the digital tokens he owns.
Chief of Tesla and SpaceX, Elon Musk, invited thoughts on the probable inflation rate over next few years on Twitter.
In the same thread, he wrote, "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. I still own & won’t sell my Bitcoin, Ethereum, or Doge fwiw (for what it's worth)."
Elon Musk is said to have influenced the prices of these cryptocurrencies with his tweets. He closely watches the crypto space and regularly tweets his observations.
A brief spike in price
The price of Bitcoin went up to $38,826 at 9:49 am (IST) after trading at $37,725 at 5:44 am (IST). Ethereum — trading at $2,503 at 4:34 am — went up to $2,595 at 9:49 am. Dogecoin rose to $0.119 at 9:49 am from $0.1107.
His tweets on Dogecoin in the past have also helped the coin soar 5,859 per cent over 2021, according to Coinbase data. After Musk said that Tesla Inc merchandise could be bought using Dogecoin on January 14, its value jumped.
"Even though it was created as a silly joke, Dogecoin is better suited for transactions. The total transaction flow that you do with Dogecoin is… transactions per day has much higher potential than Bitcoin," the billionaire said in an interview with Time magazine. Elon Musk was named as Time magazine’s Person of the Year for 2021.
The billionaire, last week, tweeted a photo that had the names of four FMCG companies — Samsung, Toshiba, Nakamichi, and Motorola. The letters encircled in the picture indicated a pseudonym —Satoshi Nakamoto.
Satoshi Nakamoto is believed to be the inventor of Bitcoin.
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