Tesla CEO Elon Musk cautions that the world faces significant pressure from inflation in the short term, which may persist. During a Twitter debate, Musk specified there is a lot of pressure, at least in the short term.
“I don’t know about long-term, but short-term we are seeing strong inflationary pressure”.
Ark Invest CEO Cathie Wood and MicroStrategy CEO Michael Saylor were also in on that debate. The comment followed a previous tweet from Twitter CEO Jack Dorsey, who suggested inflation may change the institutional space as we know it.
Musk’s assertion comes amid a discourse on inflation from some prominent names in Bitcoin. The United States Federal Reserve recently conceded that inflation may not be going away anytime soon. In light of this, several BTC devotees have been dissecting the implications of that admission. This is because Bitcoin itself is deflationary by nature.
Despite Musk’s inflation concerns, the world’s richest individual seems confident in BTC’s ability to offset the ills of fiat currency. However, the Tesla CEO also stands to lose exponentially – given his $250 billion fortune, if indeed inflation does become an issue. Wood, who is also a staunch BTC advocate, pointed out that ironically, monetary velocity had been decreasing since the 2008 melt-down. She further argued that this masked some of the devaluation impact.
Meanwhile, Tesla suggested it may be open to once again accepting BTC for its products in the future.
Image Credits: Pixabay
