Elon Musk warns of strong inflationary pressures and a “miracle drug” called Bitcoin
Elon Musk warns of strong inflationary pressures and a “miracle drug” called Bitcoin. The world is facing “severe inflationary pressures” in the short term and it could go on like this, warned the richest man in the world. In one debate On the subject of inflation, some of the most famous names related to Bitcoin have unanimously expressed doubts about the state of global monetary policy.
Elon Musk: The future of inflation is still a big unknown
As soon as the US Federal Reserve (Fed) admitted that inflation could persist, the topic became particularly interesting for Bitcoiners due to the deflationary nature of the leading cryptocurrency.
Elon Musk sees Bitcoin as a “miracle potion” for fiat diseases, and inflation is no mean feat. With net worth over $ 250 billion this week, the possibility of currency devaluation is more of a potential problem than ever.
“I don’t know how long-term, but in the short-term we are seeing strong inflationary pressures,” he said during a Twitter debate with Ark Invest CEO Cathie Wood and MicroStrategy CEO Michael Saylor.
Everyone commented on one tweet earlier by Twitter CEO Jack Dorsey, who wrote that inflation “happens” and tends to “change everything”.
Wood, who is also a passionate BTC fan, noted that the currency’s slowdown since the 2008 global financial crisis hides some of the effects of the currency’s devaluation.
Also, when all products are considered, the cost of printing dollars by far exceeds government claims of unjustified inflation rates.
“Inflation is a vector and manifests itself in a wide range of products, services and assets that are not currently measured by CPI or PCE. Bitcoin is the most practical solution for consumers, investors or companies looking for long-term inflation protection. “
Balance chart Accountant of fed | Source: Federal Reserve
Musk’s Tesla stock crossed the $ 1,000 mark for the first time this week, significantly increasing his net worth.
Meanwhile, according to filings with the US Securities and Exchange Commission (SEC), the company remains open to accepting Bitcoin for its products in the future, such as Bitcoin magazine reported.
Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews
According to Cointelegraph