ELON MUSK SAYS HE’S NOT SELLING BITCOIN AMID HIGH INFLATION Elon Musk tweeted “I still own & won’t sell my Bitcoin,” in response to CEO Micheal Saylor, discussing the collapse of weaker currency. SHAWN AMICK MAR 14, 2022
* Elon Musk, Technoking of Tesla, says “I still own & won’t sell my Bitcoin” as a signal for the holding of assets in times of high inflation.
* Micheal Saylor, CEO of MicroStrategy states that “weaker currencies will collapse,” in reference to high levels of inflation.
* Musk also said “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.”
In a recent tweet ,Elon Musk, Technoking of Tesla, attempted to both question the likelihood of continued inflation over the next couple of years, and soothe concerns of his followers looking for advice as it relates to dealing with inflation by stating “I still own & won’t sell my Bitcoin.”
“What are your thoughts about probable inflation rate over next few years?” Musk asked his followers.
With an inflation rate of 7.9% reported for the month of February 2022, this represents the highest levels of inflation since January, 1982. “Energy remained the biggest contributor (25.6% vs 27% in January), with gasoline prices surging 38% (40% in January),” reported the Trading Economics.
As a sentiment most would echo, the founder of Tesla encouraged his followers to pursue assets outside of cash when inflation becomes rampant. “As a general principle, for those looking for advice from this thread, 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.”
Micheal Saylor, CEO of MicroStrategy and staunch Bitcoin advocate, responded to the inquiry on Twitter stating “USD consumer inflation will continue near all time highs, and asset inflation will run at double the rate of consumer inflation.” Parroting the notions mentioned by Musk, Saylor continued to explain that “weaker currencies will collapse, and the flight of capital from cash, debt, & value stocks to scarce property like bitcoin will intensify.”
Tesla and Musk made headlines in February of 2021 when they purchased $1.5 billion worth of bitcoin, however, the controversial CEO also made another kind of headline and faced some amount of backlash when Tesla decided to suspend payments in bitcoin later that year in June.
At that time, Musk stated “When there’s confirmation of reasonable (~50%) clean energy usage by miners with positive future trend, Tesla will resume allowing Bitcoin transactions.”
SOFTBANK-BACKED BROKER AVENUE DEBUTS BITCOIN TRADING NAMCIOS 4 HOURS AGO
Avenue Securities now allows its over 500,000 Brazilian customers to buy, sell, and hold bitcoin in an integration with a third-party trading platform.
SoftBank-backed broker Avenue Securities debuted native, no-fees bitcoin trading services on Wednesday through an integration with B2B platform Apex Crypto to meet a growing demand for BTC and cryptocurrency among its over 500,000 Brazilian clients.
“Trading cryptocurrencies is now officially a reality with Avenue Digital Assets,” the company said in a Wednesday email to investors seen by Bitcoin Magazine. “All this with the same ease of our services that you already know, and integrated into your platform.”
Cryptocurrency trading was live on Avenue’s website on Wednesday and launched on mobile the following day. But while trading has been enabled, Avenue customers don’t have the option to withdraw purchased cryptocurrency to external self-custody wallets at the moment.
The news comes nearly one month after the U.S.-based securities brokerage firm specialized in serving Brazilian customers announced plans to debut the feature.
Avenue’s app now provides the user with a direct interface through which they can trade bitcoin, however, the actual negotiation happens on the backend at Apex Crypto’s platform. To opt into the new feature, a customer needs to accept Apex’s terms and conditions and consent Avenue sending their personal information to the third-party service provider, which will open an account for them.
“You are trading cryptocurrencies through your Apex Crypto account,” a warning displayed on the Avenue app’s bitcoin trading page reads. “Apex Crypto is not a registered broker-dealer or FINRA member and your cryptocurrency holdings are not FDIC or SIPC insured.”
Apex handles bitcoin buying, selling, and custody for Avenue. The platform specializes in providing a simple, compliant integration option for fintech companies to add cryptocurrency trading functionality to their applications, according to its website.
In February, Avenue founder and CEO Alberto Lee said that his company’s cryptocurrency trading feature would bring down prices by as much as 8% compared to Brazilian markets that trade in reais, the country’s national currency.
“The trading volume of cryptocurrencies in reais is still very thin compared to dollar volume, and that makes a difference in price formation,” Lee said at the time.
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