Tesla and SpaceX CEO Elon Musk tweeted that one should own physical assets, such as a house, or shares in companies that make necessary products, rather than cash. He gave this advice when asked about inflation in a few years' time.
This is a very timely question, given that US inflation soared to a new 40-year high in February, with the annual consumer price index at 7.9%.
However, even taking his own advice into account, Musk has admitted that he would not sell the cryptocurrencies he owns, including Bitcoin, Ethereum and Doge.
Musk noted that both his Tesla and SpaceX companies, like many others, experienced high inflationary pressures when it came to raw materials and logistics.
MicroStrategy CEO Michael Saylor also commented on Musk's question, saying that inflation remains elevated and warned that weaker fiat currencies could collapse.
US dollar inflation will rise and set new records, while asset inflation will double the rate of consumer inflation.
Saylor also said that deficit assets are important when inflation is so high.
In his view, the challenge is to work out which things (including physical property, digital property and corporate capital) are most scarce and desirable over time.
