Elon Musk Bearish On US Dollar Right Now, Says He Still Owns Dogecoin And These 2 Cryptocurrencies And Not Selling

Elon Musk Bearish On US Dollar Right Now, Says He Still Owns Dogecoin And These 2 Cryptocurrencies And Not Selling

Tesla Inc TSLA CEO Elon Musk appears to be having a laugh at the expense of the greenback while 'hodling' his Dogecoin DOGE/USDBitcoin BTC/USD, and Ethereum ETH/USD.

What Happened: In a series of tweets on Sunday, the entrepreneur clarified his stance on fiat, as well as, cryptocurrencies.

"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," Musk tweeted. "I still own & won’t sell my Bitcoin, Ethereum or Doge [for what it's worth]."

Also on Sunday, Musk reacted to a post by Scott Galloway, a professor of marketing at the New York University’s Stern School of Business.

 

Galloway, a public speaker and podcast host, tweeted on Sunday that he was “doubling down” on the “most innovative payment technology and store of value: USD.”

Musk reacted to Galloway’s thread with a "rolling on the floor" laughing emoji. 

See Also: How To Buy Dogecoin (DOGE)

Why It Matters: Musk is a well-known backer of cryptocurrencies, especially Dogecoin

Under his leadership, Tesla has added Bitcoin to its treasury and taken to pricing some merchandise in DOGE. 

Last year, Musk called Galloway an “insufferable numbskull.” The insult came after Galloway criticized Musk for posting a Twitter poll asking his followers whether should sell 10% of his company holdings. 

At the time, the academic asked Musk to refrain from name-calling and ad hominem attacks as both of them had more in common than is perceived. 

The dollar index, a measure of the greenback’s strength against six of its peers, has risen 3.44% since 2022 began, whereas Bitcoin, Ethereum and DOGE have declined 20.1%, 32.94% and 35.6% respectively during the same period.

Read Next: Elon Musk Floats Theory Star Trek's Transporter Could Split You Into 2 People: Think Before You Say 'Beam Me Up, Scotty!'

Photo: Courtesy of Steve Jurvetson via Flickr

Posted In: BitcoindogecoinElon MuskEthereumInflationUS DollarCryptocurrencyNewsEconomicsMarkets

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