Tesla and SpaceX CEO Elon Musk shared evidence that inflation has already peaked. Known for his support of Dogecoin (DOGE), Musk predicts that Tesla’s component costs will fall over the next 6 months.
DOGE supporter says inflation sees peak
Elon Musk predicts an upcoming US recession will be only “mild to moderate” at Tesla’s AGM. Tesla announced in its earnings report that it has sold nearly all of its $1.5 billion BTC. Now the company sees exactly the kind of economic environment emerging where risky markets like cryptocurrencies thrive. During Q&A at the annual meeting, Musk explained that 6-month commodity prices for Tesla parts have already gotten cheaper rather than higher.
We have some insight into how prices have evolved over time, and the interesting thing we’re seeing right now is that most of our merchandise, most of Tesla’s costs — if not all, more than half — are down. Prices have been in a downward trend for the past six months. Of course, that could change, but the trend is down, suggesting that we have passed the peak of inflation.
A higher race in the second half of 2022
The irony in Musk’s comments doesn’t go unnoticed by crypto commentators. Other voices are already counting on the survival of the shares. Among them is Fundstrat Global Advisors, which this week noted that markets had historically bottomed half a year before the Fed ended its tightening by raising interest rates. According to the company’s forecast, the S&P 500 could rise to 4,800 points in the second half of 2022. A boon for the crypto markets as it is still highly correlated with stock movements in general.
An analysis of Bitcoin’s potential return came this week from the world’s largest wealth manager. With assets in excess of $9 trillion, BlackRock has partnered with Coinbase to bring crypto to customers.
Partnership between Coinbase and BlackRock
cryptocoin.comAs you can see, Coinbase announced its BlackRock partnership on Thursday. This gives users direct access to crypto. Users of Aladdin, BlackRock’s institutional investment management platform, now have new options. Users also have crypto trading and reporting capabilities when they sign up for Coinbase Prime.
Coinbase Prime is an institutional trading solution that offers services for over 300 cryptocurrencies. The service is tailored for organizations such as hedge funds, wealth managers, financial institutions and corporate finance. More than 13,000 customers are currently using Coinbase Prime.
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