Jackson City Mayor Scott Conger has backed Bitcoin after inflation concerns
The Mayor of Jackson City recently shared his thoughts on Twitter, backing Bitcoin as the dollar continues to depreciate due to inflation.
The mayor voiced his concerns on the social media platform and said, “Why do we accept inflation? Why are we not demanding more from our federal government? 6.3% in 2 years. 172.8% in my life. Every year our dollar is worth less. There is no recoil. There is only one solution for this … Bitcoin. “
Following his comments, Conger went on to state that the city’s blockchain task force is “investigating how the city of Jackson can accept property tax payments in bitcoin and allow our employees to calculate the dollar cost average (DCA) in bitcoin.”
The accelerated risk of inflation following the Covid-19 pandemic has slowly caught people’s attention in the United States. Conger firmly believes that Bitcoin could be the answer to mitigating inflation risk if it continues at its current pace.
Bitcoin offers a strong argument against inflation
Conger isn’t the first to use Bitcoin as a possible response to inflation. New York auditor candidate Reshma Patel has previously stated that he would like the city to invest in cryptocurrencies and blockchain-based companies. Patel stated that she would like New York City pension funds to spend between one and three percent on crypto.
Patel added that cryptocurrencies could help diversify the city’s pension fund. For example, as a long-term hedge against inflation or when the public markets go down, “and the S&P goes down”. In these cases, she believes that “investing in crypto would be a really smart thing”.
Countries like Venezuela have already considered Bitcoin as an inflation hedge. Economist Asdrúbal Oliveros of Caracas-based consulting firm Ecoanalítica said, “Many Venezuelans use Bitcoin to convert their bolívares, which are being devalued by hyperinflation, to keep something of value.”
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