Musk-Saylor inflation debate boils down to scarcity

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).

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 part of the advisory, Musk shared his intention to continue holding BTC, Ethereum (ETH), Dogecoin (DOGE) amid rising inflation “for what it’s worth”.

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.

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.

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