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This article was originally published on March 14, 2022.
Billionaire entrepreneur and Dallas Mavericks owner Mark Cuban responded to Tesla CEO Elon Musk’s comments about inflation, saying he believed it was “ridiculous” to use a single inflation number as various categories behaved differently.
What Happened: Cuban said on Twitter that while speculative assets will see accelerating inflation amid increasing demand in a low-interest rate world, the market will normalize once traders that are short on the assets come in as uncertainty diminishes.
I think it’s ridiculous to use a singular inflation number. Different categories behave differently. https://t.co/xyOqRT6UOA
— Mark Cuban (@mcuban) March 14, 2022
The “Shark Tank” fame investor also suggested steps that the government could take as part of an effort to control prices.
It may seem counter intuitive, but one consideration to hold prices, is for the gov to act as a market maker and short into the increase and cover when price normalizes. Maybe there is econ wisdom to counter this? Support it ? What do the economists think? https://t.co/BrM3cVmBPw
— Mark Cuban (@mcuban) March 14, 2022
Cuban made the comments after Musk asked his followers on Twitter about the “probable inflation rate” over the next few years.
Why It Matters: Musk said on Sunday that Tesla and SpaceX were seeing significant inflationary pressure for raw materials and logistics.
Cuban, a big proponent of Dogecoin like Musk, said in January that Bitcoin will never be a hedge against inflation, and he believes Dogecoin is better suited for payments than the apex cryptocurrency.
The Dallas Mavericks became one of the first entities to begin accepting Dogecoin for ticket purchases and merchandise in March last year.
Photo by TechCrunch on Wikimedia
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Image and article originally from www.benzinga.com. Read the original article here.