• Elon Musk reveals that he won't unload his cryptocurrency holdings in Bitcoin, Ethereum and Dogecoin.
  • Bitcoin, Ethereum and Dogecoin continue to bleed in the ongoing crypto market bloodbath.
  • Michael Saylor, founder and CEO of MicroStrategy, argued that inflation could fuel capital inflow to scarce assets like Bitcoin.

Entrepreneur and business magnate Elon Musk is bullish on Bitcoin, Ethereum and Dogecoin, despite a drop in cryptocurrency prices. Musk recommends that investors hold physical assets as a hedge against inflation. 

Musk reveals bullish outlook on Bitcoin, Ethereum and Dogecoin

Elon Musk, CEO of Tesla and billionaire entrepreneur, asked followers for their thoughts on the probable inflation rate over the next few years. Michael Saylor, CEO of MicroStrategy and a cryptocurrency proponent, responded to Musk's tweet. 

Saylor was quoted as saying:

USD consumer inflation will continue near all-time highs, and asset inflation will run at double the rate of consumer inflation. Weaker currencies will collapse, and the flight of capital from cash, debt, & value stocks to scarce property like #bitcoin will intensify.

Musk maintains a bullish outlook on Bitcoin, Ethereum and Dogecoin. The billionaire CEO of Tesla won't sell his cryptocurrency holdings despite the current bloodbath in crypto. 

Overall crypto market capitalization has plummeted in the ongoing rout in risk assets. Bitcoin, Ethereum and Dogecoin prices plummeted; however, Musk retains his bullish outlook on cryptocurrencies. 

Analysts have evaluated the Bitcoin price trend and predicted a recovery in the asset. Bitcoin could break out of its downtrend and start a rally to $52,000 in a potential ascending triangle correction pattern. 

@DaCryptoGeneral, a crypto analyst and trader, argues that Bitcoin price action is bullish with consolidation inside a massive bullish ascending channel. 

FXStreet analysts believe Bitcoin price could shock bears as the asset targets $47,000 in the current cycle. 


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed Join Telegram

Recommended content

Recommended Content

Editors’ Picks

Polygon's MATIC price signals hard times to come, here's why

Polygon's MATIC price signals hard times to come, here's why

Polygon’s MATIC price signals bears have re-entered the market. If the profit-taking continues, a cataclysmic fall could occur to breach the $0.31 lows. Polygon's MATIC price could justify the old traders saying that "early buys quickly die".

More Polygon news

Is the Safemoon price warning investors of a future rug pull?

Is the Safemoon price warning investors of a future rug pull?

Safemoon price shows signs of failure. More decline is expected unless the bulls can hurdle the descending trendline. Safemoon price could experience more decline as the bulls are being tested at the psychological $0.0005000 level. 

More SafeMoon news

Is Terra’s LUNA price preparing to double?

Is Terra’s LUNA price preparing to double?

Terra’s LUNA price sees compression of 8- and 21-day simple moving averages. LUNA price volume has tapered out considerably amidst June’s downtrend. Invalidation of the uptrend is a breach below $1.60.

More Terra news

Bitcoin Price Prediction: A falling knife or Michael Saylors' sword in stone?

Bitcoin Price Prediction: A falling knife or Michael Saylors' sword in stone?

Bitcoin price shows concerning signals as the bears have recently rejected the $22,000 ascension. It appears smart money wants to negotiate for the peer-to-peer digital currency at a much lower price.

More Bitcoin news

Bitcoin: Everything you need to know about BTC 200-week MA

Bitcoin: Everything you need to know about BTC 200-week MA

Bitcoin price has gone through turbulent times over the last few months. From reaching a new all-time high to hitting yearly lows and revisiting levels since 2020, the crypto markets have been extremely volatile.

Read full analysis