US inflation at its highest level since 2008 and Bitcoin just got more attractive ⋆ ZyCrypto
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Traditional billionaires could soon storm the Bitcoin market. As recently noted, inflation in the United States has hit a 13-year high. Apparently, the rise in car prices influenced this result. In the past 12 months to last month, consumer car prices rose 5.4%; a 5% increase from May, also the largest increase seen in August 2008.
BTCUSD chart from TradingView
With inflation soaring, it is only logical that the masses are looking for an outside source to insure themselves Bitcoin could go up if found most worthy. Following the recent development, Bitcoiners have urged the public to enter the market and buy low to avoid market saturation.
• US inflation rises 3 months in a row!
• 5.4% and the highest in 13 years.
# Buy bitcoin 😉
– Bitcoin Archive 🗄🚀🌔 (@BTC_Archive) July 13, 2021
Inflation is 5.4%, the highest in 13 years.
Economists are shocked.
Bitcoin Twitter is not at all surprised.
Guess who understands the economy better.
– WhalePanda (@WhalePanda) July 13, 2021
Last year, a handful of billionaires stormed the Bitcoin market after the inflationary ride in the US market. As of 2020, when the COVID-19 pandemic hit the global economy, there was a visible buzz, as noted by several financial firms, that various financial classes were looking for some hedge against inflation.
In the past, gold was the first choice because the precious metal has held the position as the leading asset for the longest time. However, with the advent of digital currencies, particularly Bitcoin, the demand for store of value items in the market has shifted.
It seems that Bitcoin could be even more useful to US citizens, especially residents of Africa whose economies have already been badly hit by the pandemic.
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As Forbes noted, inflation has risen dramatically in Ethiopia and investing in bitcoin, along with profitable crypto-related investments, could help revitalize the economy.
“Ethiopia: Inflation is 24.5%, National Bank holds US $ 3 billion, which is rapidly depreciating, US $ 12 billion trade deficit leads to a devaluation of the local currency, foreign currency-earning national airline has an uncertain future due to Covid. Get into Bitcoin mining. “
Meanwhile, the Guardian claims the Federal Reserve has an obligation to review and strengthen its current monetary policy, which is causing calls for wage increases.
Andrew Hunter, a senior US economist who believes inflation fears are far from over, told investors that consumer prices will rise as pressures rise due to the supply shortages caused by the pandemic.
Excerpts from its notice to investors reads
“… the bigger concern is that inflationary pressures are now building up significantly in more economically sensitive sectors that could last longer.”
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