Bitcoin, Ethereum and Dogecoin continue to bleed in the ongoing crypto market bloodbath.
Michael Saylor, founder and CEO of MicroStrategy, argued that inflation could fuel capital inflow to scarce assets like Bitcoin.
Entrepreneur and business magnate Elon Musk is bullish on Bitcoin, Ethereum and Dogecoin, despite a drop in cryptocurrency prices. Musk recommends that investors hold physical assets as a hedge against inflation.
Musk reveals bullish outlook on Bitcoin, Ethereum and Dogecoin
Elon Musk, CEO of Tesla and billionaire entrepreneur, asked followers for their thoughts on the probable inflation rate over the next few years. Michael Saylor, CEO of MicroStrategy and a cryptocurrency proponent, responded to Musk's tweet.
Saylor was quoted as saying:
USD consumer inflation will continue near all-time highs, and asset inflation will run at double the rate of consumer inflation. Weaker currencies will collapse, and the flight of capital from cash, debt, & value stocks to scarce property like #bitcoin will intensify.
Musk maintains a bullish outlook on Bitcoin, Ethereum and Dogecoin. The billionaire CEO of Tesla won't sell his cryptocurrency holdings despite the current bloodbath in crypto.
Overall crypto market capitalization has plummeted in the ongoing rout in risk assets. Bitcoin, Ethereum and Dogecoin prices plummeted; however, Musk retains his bullish outlook on cryptocurrencies.
Analysts have evaluated the Bitcoin price trend and predicted a recovery in the asset. Bitcoin could break out of its downtrend and start a rally to $52,000 in a potential ascending triangle correction pattern.
@DaCryptoGeneral, a crypto analyst and trader, argues that Bitcoin price action is bullish with consolidation inside a massive bullish ascending channel.
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