Victor Jung discusses Elon Musk and his take on inflation.

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Elon Musk on Inflation
by Victor Jung | Mar 23, 2022 | Business, Financing, Victor Jung
As predicted, inflation rates have started to increase following the continuing conflict
between Russia and Ukraine. Many Americans are currently feeling the pinch as many
companies and businesses increase prices on their products and services to offset the
rising costs of fuel. For instance, transportation companies like Uber have increased their
costs, and retailers all over the country are charging extra money on groceries and other
products as a result of the inflation.
Many influential people in the world, including Elon Musk, have aired their concerns about
the war and its effects. Apart from openly showing his support for Ukraine since the
conflict began, Musk has supported his Twitter followers by providing them with financial
advice to help deal with the current unpredictable market and economy, which may
worsen in the coming days if the conflict continues.
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2. 4/11/22, 3:32 PM Elon Musk on Inflation - About Victor Jung | Victor Jung | Business Development and Financial Planning Solutions
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On Sunday, Elon Musk asked his followers to share their thoughts about potential inflation
rates expected to hit the world in the coming years. Michael Saylor, the co-founder of
MicroStrategy, replied to Musk’s post and predicted that inflation rates would reach their
all-time high. Saylor also insinuated that weaker currencies would likely collapse, and
people will abandon cash, debt and value stocks to invest in scarce assets like bitcoin.
Elon Musk reverted to Saylor, saying his prediction was not wholly unpredictable.
Additionally, he went ahead to offer his followers astute advice. Musk explained that
owning physical things like a home or stock in organizations that make quality products is
recommended than owning cash money when inflation increases. Moreover, the
billionaire informed his followers that he will be holding his Bitcoin, Ethereum and
Dogecoin and won’t sell any of them.
Elon Musk’s tweet received many engagements. It had about 48,000 likes and an additional
9,690 retweets. People also had much to say in the comment section. Some followers
commented that Dogecoin had outshined Bitcoin over the last year. In addition, others
followers accused him of pumping some cryptocurrencies by constantly tweeting about
them. Musk’s critics claim that his tendency to promote certain coins exacerbates the
already volatile market. As of Monday afternoon, Musk’s electric vehicle and clean energy
company, Tesla, was down by more than 4 percent in 24 hours.
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