Price of Cryptos Soar After Elon Musk Says He is Not Selling

Price of Cryptos Soar After Elon Musk Says He is Not Selling

  • World's richest man, Elon Musk has sent the prices of cryptocurrencies soaring after he said he is not selling them
  • Musk was responding to inflation remarks from people who commented on his thread about buying cryptos
  • The price of Doge, Musk's most preferred crypto saw a 7 per cent jump in price after his tweet on Monday

Elon Musk has refused to sell his cryptocurrencies, especially Ether, Dogecoin and Bitcoin, despite his criticisms and climate change remarks.

Just after he tweeted that it is better to own physical things like stocks, houses in companies with good profit margins, the CEO of Tesla added that he is not selling his cryptos, according to a report by Fortunes.

Enon Musk
Elong Musk Credit: Mike Martel
Source: Getty Images

The world's biggest influencer

A few minutes after the tweet on Monday, March, 14, 2022, the crypto industry responded in a roaring fashion. Dogecoin, which he has championed for a long time saw a 7 per cent spike in almost a week at $0119.

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He was responding to a reply from Michael Saylor, CEO of MicroStrategy, who asked in a thread for thoughts about the inflation rate over the next five years.

As Saylor said inflation would make people buy Bitcoin, Musk said that it's better to own investments in stocks and homes, but chipped in that he still owns and won’t sell his cryptos.

Since last week, Musk’s most evangelised crypto, Dogecoin has been trading below $0.1107 just before his tweet.

Within two hours on Monday morning, Dogecoin’s price jumped to a 7 per cent increase, which is almost seven days high. It is down, though at 4 per cent and stabilised at $0.1142.

Fueled by misinformation and rumours

A slump in cryptocurrencies is not new. It reacts to the slightest speculations like Musk’s inflation remarks.

Rumours and misinformation also highly influence crypto trading around the world.

In two months, Elon Musk lost three times the net worth of Dangote, Africa’s richest man

Legit.ng has reported that despite Dangote’s wealth as Africa’s richest man, he is nowhere near, Tesla and SpaceX founder, Elon Musk who is far ahead as the world’s richest man.

Elon Musk has lost in the last two months the record amount in dollar equivalent of Aliko Dangote’s net worth three times, due to pressure on Tesla, the most valuable car company in the world.

The electric car manufacturer lost $48.4 billion since the beginning of 2022, Bloomberg's Billionaire Index says.

Source: Legit.ng

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