Bitcoin sees high spike after Elon Musk's Tweet..!?

Sowmiya Sriram
Bitcoin sees high spike after Elon Musk's Tweet..!?

The cryptocurrency market, like the stock market, is recovering from today's slump with a single tweet from Elon Musk, as the Russia-Ukraine war and the central bank's interest rate hike program continue to push the stock market into a slump.
Elon Musk, who occasionally makes important comments about cryptocurrency, has given cryptocurrency investors more confidence with a tweet released today.
Leading cryptocurrencies all fell as much as 3 percent after the start of trading on Monday, disappointing the first day of the week. Meanwhile, Sensex and Nifty registered steady trade growth in the data-face of a slump in the Asian market today, prompting many retail investors to convert money from the crypto market to the stock market. It is in this context that Elon Musk, President of tesla and SpaceX, has posted a very important tweet giving new hope to crypto investors.

Elon Musk tweeted today What is your guess about the inflation rate for the next few years? Michael Saylor, the founder of MicroStrategy, said that US dollar-based consumer inflation would reach record highs, causing weak currencies to fall and large sums of money in debt and value stocks to accumulate capital for rare assets such as bitcoin.


According to the general monetary policy, when inflation is high, it is better to invest and capture the stock of a house or a company that produces good goods, rather than the dollar. At the same time, he said on twitter that he would not sell the Bitcoin, Ether, or Doge coins that he had.

Bitcoin is currently valued at $ 39,0654.19, up from $ 37,728 after Elon Musk tweeted. Similarly, Ethereum has risen from $ 2,503 to $ 2,589.25. Also, the price of DogeCoin has risen from $ 0.1104 to $ 0.119.
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