As rising inflation threatens to eat up further the purchasing power of the global fiat ecosystem, finding the perfect hedge against a falling economy has become the need of the hour — especially for the general public across the world.
Joining this discussion online, Tesla CEO Elon Musk asked publicly about the probable inflation rate over the next few years to gauge the notion of global investors. Sharing his thoughts on the matter, American billionaire and MicroStrategy CEO Michael J. Saylor opined that with rising inflation, he expects the capital cash flow will move away from traditional fiat into scarce assets such as Bitcoin (BTC).
In the last six months, major economies including the United Kingdom, Turkey, Russia and the United States have witnessed unprecedented inflationary pressure owing to global uncertainties and disruptions fueled by cross-border conflicts and the COVID-19 pandemic.
Complimenting Saylor’s general proposition for investing in scarce assets to counter the rising United States dollar inflation, Musk replied that “It is not entirely unpredictable that you would reach that conclusion.”
While the general public joined in on the discussion, dismissing Saylor’s suggestion of using BTC as a hedge against inflation due to personal investments, Musk acknowledged that predominantly scarce assets such as physical property and company stocks help investors maintain their purchasing power against high inflations.
As a part of the advice, Musk shared his intent to continue hodling BTC, Ether (ETH) an Dogecoin (DOGE) amid rising inflation “for what it's worth.”
Back in December 2021, Musk confirmed that EV giant Tesla will start accepting DOGE for merchandise, spiking the meme token’s price by 25%.
However, Musk’s latest tweet in support of cryptocurrencies has yet to have any positive impact on the dwindling prices.
Related: Dogecoin Foundation registers name and logos as trademarked within in the EU
In an effort to improve the legitimacy of its thriving ecosystem, the Dogecoin Foundation registered “Doge,” “Dogecoin” and its associated logos as trademarks in the European Union.
As Cointelegraph reported, Dogecoin executive board member Jens Wiechers stated that the move was made to weed out the attempts of unaffiliated people to register the names and use the trademarks as tools of extortion.