As rising inflation threatens to further eat up the purchasing power of the global fiat ecosystem, finding the perfect hedge against a declining economy is the imperative of the hour – especially for the general public around the world.
Join this discussion online, Tesla CEO Elon Musk early publicly about likely inflation in the coming years to gauge the idea of global investors. US billionaire and CEO of MicroStrategy, Michael J. Saylor, shared his views on the matter, opining that with inflation rising, he expects capital cash flow to shift from traditional fiat to scarce assets like Bitcoin (BTC).
Consumer inflation in USD will almost always continue to rise, and asset inflation will be twice as fast as consumer inflation. Weaker currencies will collapse and the flight of capital from cash, debt and value stocks to scarce properties such as #bitcoin will intensify.
— Michael Saylor⚡️ (@saylor) March 14, 2022
Over the past six months, major economies including the United Kingdom, Turkey, Russia and the United States have faced unprecedented inflationary pressures from global uncertainties and disruptions fueled by cross-border conflict and the COVID-19 pandemic.
Complimenting Saylor’s general proposal to invest in scarce assets to combat rising inflation in the US dollar, Musk replied, “It’s not entirely unpredictable that you’d come to that conclusion.”
While the general public took part in the discussion, rejecting Saylor’s suggestion to use BTC as a hedge against inflation for personal investments, Musk acknowledged that assets that are predominately scarce — such as physical property and company stock — help investors maintain purchasing power against high inflation.
As a general principle, for those seeking advice from this thread, it’s generally better to own physical things like a house or stock in companies you think make good products than dollars when inflation is high is.
I still do not own and will not sell my Bitcoin, Ethereum or Doge fwiw.
— Elon Musk (@elonmusk) March 14, 2022
As part of the advisory, Musk shared his intention to continue holding BTC, Ethereum (ETH), Dogecoin (DOGE) amid rising inflation “for what it’s worth”.
Tesla will buy merchandising from Doge and see how it goes
— Elon Musk (@elonmusk) Dec 14, 2021
In December 2021, Musk confirmed that EV giant Tesla will accept DOGE for merchandise, raising the price of the meme token by 25%.
DOGE/USD 1-hour candlestick chart (Bittrex) as of December 2021. Source: TradingView
However, Musk’s latest tweet in support of cryptocurrencies has not yet had a positive effect on falling prices.
Related: Dogecoin Foundation Registers Name and Logos as Trademarks Within the EU
In an effort to enhance the legitimacy of its thriving ecosystem, the Dogecoin Foundation has registered “Doge”, “Dogecoin” and associated logos as trademarks in the European Union.
Given an increasing number of bad faith attempts to register trademarks for “Doge”, “Dogecoin” and even the logos created for Dogecoin by Christine Ricks by people and organizations, we had no choice but to register them to see all the good shibes in the @Dogecoin community. 2/2
— Dogecoin Foundation (@DogecoinFdn) March 2, 2022
As Coin-Crypto reported, Dogecoin board member Jens Wiechers stated that the move was made in an effort to banish unaffiliated people’s attempts to register the names and use the trademarks as extortion tools.