Bitcoin price struggles to defend $21K, as Coinbase is subject to new SEC wrath

July 26, 2022

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The Musk-Saylor Inflation Debate: Crypto vs. Physical Rising inflation is threatening to further eat up the purchasing power the global fiat ecosystem. This makes it imperative that we find the right hedge against a declining economy, especially for the general population around the globe. Elon Musk , Tesla CEO, asked about the likely inflation rate in the next few years to gauge global investors’ perceptions. American billionaire and MicroStrategy CEO Michael J. Saylor shared his views on the subject. He stated that with rising inflation, the capital cash flow would shift away from traditional fiat to more scarce assets like Bitcoin ( TTC).
The rate of asset inflation and USD consumer inflation will be double that of the previous year. Weaker currencies are likely to collapse and capital will flow from cash, debt, and value stocks to rare property like #bitcoin. Michael Saylor (@saylor). March 14, 2022
The last six months have seen unprecedented inflationary pressure in major economies, including the United Kingdom and Turkey, Russia, and the United States. This is due to global uncertainties and disruptions caused by cross-border conflicts as well as the COVID-19 pandemic. Musk responded to Saylor’s suggestion for investing in rare assets to combat rising inflation of the United States dollar. The discussion was open to the public, who dismissed Saylor’s suggestion that BTC be used as an inflation hedge due to personal investments. Musk however acknowledged that investors can maintain their purchasing power by investing in physical property and company stock, which are both scarce assets.
For those seeking advice, this thread will generally advise that it is better to have physical items such as a home or stocks in companies that make quality products than to invest your dollars when inflation is high. I don’t intend to sell my Bitcoin, Ethereum, or Doge fwiw. Elon Musk (@elonmusk). March 14, 2022
Musk also shared his intention to keep hodling Ether ( EETH) and BTC ( DOGE), amid rising inflation, “for what it’s value.”
Tesla will sell some merchandise with Doge. We’ll see how it goes. Elon Musk (@elonmusk). December 14, 2021
Musk announced in December 2021 that Tesla would accept DOGE as merchandise. This sparked the price of the meme token by 25%. Doge/USD 1-hour candle chart (Bittrex), December 2021. Source: TradingView Musk’s recent tweet supporting cryptocurrencies has not had any positive effect on the declining prices. Related: Dogecoin Foundation trademarks logos and name within the EU Dogecoin Foundation registered the trademarks “Doge,” Dogecoin, and the associated logos in order to increase the legitimacy of the ecosystem.
We were forced to register the logos created by Christine Ricks for Dogecoin because of the increasing number of attempts made in bad faith to register trademarks for “Doge”, Dogecoin, and other names. This was to ensure that all good shibs are protected within the @Dogecoin community. 2/2 Dogecoin Foundation (@DogecoinFdn). March 2, 2022
Cointelegraph reported that Jens Wiechers, a member of the Dogecoin executive committee, stated that the move was to stop unaffiliated individuals attempting to register the names and to use trademarks to commit extortion.

As Bitcoin bulls lose steam, and Ethereum falls 15% in two days, cold feet reigns over crypto markets.

Jon July 26, 2022

Jon

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Opinion writer on 7trade7