Electric car billionaire, Elon Musk, has weighed in regarding the current inflation argument. According to him, a solid short-term inflationary pressure truly exists. The Tesla CEO made his opinion known following a tweet from Ark Invest Founder about an apparent dip in money velocity all over the country.
The Annoying High Inflation Rate
When Square CEO Jack Dorsey tweeted about the strong adverse effect of the current high inflation, there was a heated debate on the microblogging social platform. Before Dorsey, Jerome Powell had admitted that inflation is genuinely high, but he claimed that it would soon decline.
While some were quick to disregard Dorsey’s message and considered it an attempt at creating fear, most members of the crypto ecosystem lauded him for expressing what they had in mind.
One of Dorsey’s critics was Steve Hanke, a known crypto doubter. He alleged that the Twitter CEO’s comments showed irresponsibility. Hanke claimed that there is no hyperinflation in any country of the world, not even Venezuela – a nation suffering from a very high inflation rate presently. However, Dorsey responded to Hanke’s comments with the “teary joy” emoji.
Musk’s Wealth Skyrockets
Musk’s latest public opinion comes when Tesla shares are on a bullish run, which has caused a massive spike in his wealth. Musk’s estimated net worth is now almost $290b.
You’d recall that tesla’s shares started trading for more than $1K following a partnership agreement between the electric car manufacturers and hertz (a top car rental firm), where the latter revealed plans to buy at least 10,000 Tesla electric vehicles.
However, there are still claims that john d. Rockefeller remains the richest man in history because his net worth would have been $340m using today’s inflation and monetary rate. Thus, Musk still needs to put in more effort to become the richest man that ever lived.
Is Musk’s Shiba Inu Snub A Blessing?
Without any support from the world’s richest man alive, the SHIB has set a new peak price. A Coinmarketcap data earlier this morning showed the coin’s price to be $0.000059. Its price shows a 30% rise over the past 24 hours as its market price also reached a new high of $22.7B. SHIB still had a bullish run to set a new peak price despite the Tesla CEO revealing that he doesn’t hold any SHIB token. Musk’s apparent snub caused several crypto enthusiasts to mock the Shiba Inu community.
Due to Musk’s influence, his endorsement of any digital asset usually leads to a massive spike in the price of such assets. Hence, many token holders usually solicit his support for their tokens.
The SHIB price surge came after a short price correction when Musk revealed that he doesn’t own any SHIB tokens but only BTC, ETH, and DOGE. Musk is no stranger to controversy about his crypto-related tweets. BTC price declined sharply after the centi-billionaire announced the suspension of the BTC payment option for Tesla car purchases.
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