Elon Musk, Telsa CEO and business magnate, advised that it’s generally better to own physical things ”like a home or stock in companies” than to hold a debasing currency. He ended, ”I still own and won’t sell my Bitcoin.”
Musk HODLs Bitcoin
We all know about Tesla’s $1.5 billion investment in Bitcoin. Reports suggest Musk may also HODL around $5 billion in Bitcoin according to SkyBridge Capital Founder Anthony Scaramucci, who believes that Elon Musk has a massive holding of Bitcoin. Aside from a liquidity check to reinsure his skeptical board members, it appears Musk is a practitioner of the HODL??♂️.
“Tesla & SpaceX are seeing significant recent inflation pressure in raw materials and logistics…And we are not alone.”—Elon Musk
On Sunday Musk asked his followers, ”What are your thoughts about probable inflation rate over the next few years?”
Musk then shared an article on commodity prices being at their highest levels since the Global Financial Crisis.
Year Over Year Commodity Increases
- Crude Oil- +60%
- Gasoline- +52.63%
- Coal- +306.67%
- Uranium- +116.61%
- Wheat- +61.82%
- Nickel- +202.07%
- Lumber- +40.86%
- Lithium- +262.87%
Dylan Leclair, a Senior Analyst at UTXO Management, took the opportunity to educate on Bitcoin’s fixed and known supply schedule.
Bitcoin runs counter to fiat currency in that its newly mined distribution diminishes over time. More specifically, the amount of new Bitcoin mined gets cut in half roughly every four years. In 2009, 50 Bitcoin were rewarded each block or every ten minutes. In 2013, 25 Bitcoin were rewarded each block.
In 2017, 12.5 Bitcoin were rewarded each block and currently 6.25 are mined every 10 minutes. We are approaching the next halving, and each halving is historically followed by a new supply shock and subsequent bull market.
According to Coinwarz, we have 2 years, 33 days, 10 hours, and 24 minutes until the next halving. The fixed—known and verifiable supply of Bitcoin is what drives its value as a scarcity over time.
Musk Challenges Putin to Duel
In Russian, he asked, ”Do you agree to this fight?” and tagged the Kremlin. We are living in interesting times. While Musk continues the outlandish antics, the world’s favorite CEO continues to challenge authority, namely the Biden Regime and Putin, while supporting Bitcoin and free markets.