Some back and forth about inflation may help traders to clarify how certain people feel about cryptocurrencies.
Arijit Sarkar reports today at Cointelegraph on a Twitter conversation between Microstrategy CEO Michael Saylor and international magnate Elon Musk, famous for SpaceX and Tesla as well as Starlink and Hyperloop.
As Saylor raised the specter of an inflation, Musk reiterated that it’s good to “own physical things,” but said he’s keeping his stable of cryptocurrency assets.
In that list, Musk specifically included Bitcoin and Ethereum, as well as Dogecoin, a Shiba Inu cryptocurrency that started as a joke, but now has an enormous market cap.
Musk’s portfolio has had a mixed response to the events of the past week.
“Bitcoin slipped alongside in the days after the invasion, while a ban on Russian oil exports pushed oil prices to multi-year highs,” writes Benson Toti at Coinjournal. “Prices of gold, palladium, copper also rose significantly. Bitcoin is up 1.3% over the past week, currently near $38,200, while Ethereum (ETH) is just under 1% and Dogecoin has declined 5% this past week.”
For reference and contrast, Musk also recently challenged the leader of Russia to a personal dual in order to resolve the war in Ukraine, which is causing significant market chaos.
“Just as the global economy was on track to emerge from the coronavirus pandemic, Russia’s invasion of Ukraine and global sanctions against Moscow are rippling through logistics and supply chains, creating bottlenecks in the transport of goods and commodities and threatening fresh economic pain for countries and businesses near the conflict zone,” write Liz Alderman and Jenny Gross at the New York Times. “Transport companies, maritime insurance executives and industry analysts say the two-week-old war, combined with uncertainty fueled by the sanctions, is causing backups of ships at some ports and could lead to longer delays in shipments, especially around Europe.”
What’s next for international business? We’ll see…