Elon Musk suggested that the cryptocurrency’s decline will continue until 2024

The world may be stuck in a recession until the spring of 2024, which will deal a new blow to the growth prospects of risky digital assets, Elon Musk believes. In a tweet on October 21, Tesla CEO expressed his belief that the global economy will stop falling only in the spring of 2024.

Just guessing, but probably until spring of '24

— Elon Musk (@elonmusk) October 21, 2022

According to Musk, despite the fact that the US economy is predictably regressing, the likelihood of a global downturn has now become as real as possible. When asked on Twitter how long he thought the recession would last, the world’s richest man was evasive: «Just guessing, but probably until spring of '24,» Musk wrote, adding that «it would be nice to have a year without any terrible global events.»

Despite his dubious competence, the billionaire’s latest prediction was particularly painful for cryptocurrency commentators.

Fuuuck that. Spring '24?

If true, half of CT will be in a mental asylum pic.twitter.com/QKxhwJBaOO

— Material Scientist (@Mtrl_Scientist) October 21, 2022

To recap: Elon Musk announced that he would lay off 75% of Twitter employees after acquiring the social network. Musk’s innovations will reduce the platform’s staff from 7,500 employees to just over 2,000. However, Twitter’s management is already planning to cut staff salary costs by about $ 800 million dollars by the end of 2023, which means laying off almost a quarter of the workforce.