Bitcoin, Ether, Doge See Brief Spike After Musk Says He Isn’t Selling. Bitcoin, which has fallen as much as 2.9% before Musk’s tweet, briefly erased losses before retreating again. Ether was up as much as 2.3% before giving up some gains. Dogecoin’s 3.8% gain over the past hour was the biggest among cryptocurrencies.
When it comes to cryptocurrencies, Tesla CEO Elon Musk is no stranger to social media postings about them. There’s no Dogecoin on the market, and there will be no Dogecoins on the market, he claimed back in May. In October, Musk said that he has Bitcoin, Ethereum, and Dogecoin in his possession.
This time around, he had posted a question on Twitter about the likely rate of inflation over the next few years. Michael Saylor, the chief executive officer of MicroStrategy Inc. and a prominent Bitcoin bull, replied: “Weaker currencies will collapse, and the flight of capital from cash, debt, & value stocks to scarce property like #bitcoin will intensify.”
“It is not entirely unpredictable that you would reach that conclusion,” Musk retorted. MicroStrategy took a $147 million impairment charge for the fourth quarter as Bitcoin’s price drop forced the company to write down its holding. Let’s see how much this Brief Spike After Musk Says He Isn’t Selling theme last.