According to the Mayor of Tennessee, Bitcoin is the only solution to rising inflation in the United States since 2008 | Author: The Crypto Basic | Capital | July 2021
Due to rising used car prices, the US inflation rate in June reached its highest level in 13 years.
In the 12 months to June, consumer prices increased by 5.4%. This is an increase of 5% from last month. This is the largest increase since August 2008.
Due to high inflation, the Fed will face pressure to tighten monetary policy sooner than expected. This may slow the consumer-driven recovery and increase the demand for higher wages.
The U.S. Department of Labor released the latest report. Data show that consumer prices rose by 0.9% in June. This exceeded economists’ expectations and was also the largest monthly increase since June 2008.
Jeroen Blokland said:
-jeroen blokland (@jsblokland) July 13, 2021
Inflation is rising, so it makes sense that people will look for a source of hedge against inflation. The Bitcoin community is urging the public to buy BTC to avoid inflation.
WhalePanda stated on Twitter that economists are shocked by rising inflation, but not for the BTC Twitter community:
“The inflation rate is 5.4%, the highest level in 13 years. Economists are shocked. Bitcoin Twitter is not surprising at all. Guess who understands the economy better.”
The inflation rate was 5.4%, the highest in 13 years.
Economists were shocked.
Bitcoin Twitter is not surprising at all.
Guess who understands the economy better.
-WhalePanda (@WhalePanda) July 13, 2021
Bitcoin realized the impulse to buy BTC:
* U.S. inflation has risen for three consecutive months!
* 5.4% is the highest value in 13 years.
buy #Bitcoin 😉
-Bitcoin Archive🗄🚀🌔 (@BTC_Archive) July 13, 2021
Scott Conger, Mayor of Jackson City (Tennessee) He also expressed his concerns on Twitter about the falling value of the U.S. dollar, rising inflation, and accepting BTC as a solution to inflation.
“Why should we accept inflation? Why don’t we demand more of the federal government? 6.3% in 2 years. My lifetime is 172.8%. Our dollar is depreciating every year. There is no rebound. There is only 1 fix for this. Bitcoin. “
Why do we accept inflation? Why don’t we make more demands on the federal government?
6.3% for 2 years. My lifetime is 172.8%. Our dollar is depreciating every year. There is no rebound.
There is only 1 fix for this. #Bitcoin
-Mayor Scott Conger (@MayorConger) July 16, 2021
American economist Andrew Hunter firmly believes that inflation concerns will not end soon.
“The bigger concern is that inflationary pressures are now apparently also accumulating in more cyclically sensitive industries, which may last longer.”