Elon Musk on inflation & Bitcoin before Fed meeting
Tesla CEO raised his question against the increasing prices to know the opinion of his followers. Michael Saylor also jumped in this discussion in support of Bitcoin.
Elon Musk is CEO of Tesla, SpaceX and also the founder of some leading projects. Elon has been active in the crypto industry since 2 years. He supports only Bitcoin, Ethereum, and Dogecoin only. As he is the richest person in the world, he remains active on global economic matters.
On 14 March, Elon wrote a tweet and asked his followers about their opinion on the chances of an increase in the inflation rate for the next few years.
With some time interval, Elon confirmed that he raised this question because of the increase in the price of raw materials and logistics for his companies, Tesla & SpaceX.
In the tweet of Elon, Business software intelligence firm Microstrategy CEO Michael Saylor responded and wrote that all the weak currencies will collapse and assets will show double the increment in the prices. And valuable assets like bitcoin will intensify.
Elon indirectly admitted that Micheal is approximately true to his opinion on inflation & Bitcoin.
Janet Yellen on inflation
In the last week during an interview with CNBC, Janet Yellen, U.S. Treasury Secretary, commented on the Russian vs Ukraine geopolitical situation & highest inflation over the last 4 decades of history.
“We’re likely to see another year in which 12-month inflation numbers remain very uncomfortably high. The situation in Ukraine has exacerbated inflation and upcoming inflation reports will show “further evidence of an impact on U.S. inflation of Putin’s war on Ukraine”, Yellen added.
In the present time inflation topic is getting huge traction and it can be seen in the Google trends, where data is showing that the search frequency trend for inflation and rising prices is currently at 100 which is the highest over the last 18 years.
Read also: Japan warns $8,500 fine on crypto exchanges over illegal transactions against Russia
