Internet’s favorite entrepreneur Elon Musk recently shared some advice to investors looking for the best approach in times of high inflation. Discussing the issue on Twitter, the CEO of Tesla recommended investing in “physical things”.
According to Musk, it is “generally better to own physical things like a home or stock in companies you think make good products than dollars when inflation is high.” He also added that he won’t be tapping into his cryptocurrency portfolio and intends to hold onto his Bitcoin, Ethereum, and Doge coins.
Investing in the housing market has usually proved to be a sound strategy during inflation. Overall, the real-estate sector as a whole has performed well in such testing times.
Musk’s comments come after the inflation in the United States is closing in numbers we have not seen in the past four decades. The Bureau of Labor Statistics (BLS) recently reported a 7.9 percent increase in Consumer Price Index (CPI) compared to the same period in 2021, which is the highest mark since 1982.
As many times before, Musk’s Twitter discussion had an impact on the cryptocurrency market. After his tweet went viral, Dogecoin suddenly went up by seven percent and traded $0.12 on Tuesday.
