• Business
  • Politics
  • Health
  • Entertainment
  • Technology
  • Sports
    • Football
    • Cricket
  • Travel
Facebook Twitter Instagram
  • About
  • Advertise
Facebook Twitter Instagram
News Night
  • Business
  • Politics
  • Health
  • Entertainment
  • Technology
  • Sports
    1. Football
    2. Cricket
    3. View All

    Semi-Professional Football

    February 8, 2022

    How to Play Fantasy Football for Beginners

    February 8, 2022

    Four Different Baltimore Pro Football Teams Have Won Championships

    February 8, 2022

    The Premise of Fantasy Football

    February 8, 2022

    ODI World Cup 2023 Warm-up games: England beat Bangladesh; New Zealand emerge victorious against South Africa

    October 3, 2023

    ENG vs BAN Live Streaming Channel In India- When And Where To Watch ICC World Cup Warm Up Match Live? 2023

    October 2, 2023

    South Africa legend Dale Steyn names the top 5 fast bowlers to watch out for in ODI World Cup 2023

    October 1, 2023

    India vs England Head-to-Head Records In ODIs- ICC World Cup 2023, Warm Up Match

    September 30, 2023

    Concussion in rugby union and rugby league: How stars are uniting to turn the tide | Rugby Union News

    October 3, 2023

    ODI World Cup 2023 Warm-up games: England beat Bangladesh; New Zealand emerge victorious against South Africa

    October 3, 2023

    Antony: Manchester United player could return against Galatasaray on Tuesday, says Erik ten Hag | Football News

    October 2, 2023

    ENG vs BAN Live Streaming Channel In India- When And Where To Watch ICC World Cup Warm Up Match Live? 2023

    October 2, 2023
  • Travel
Subscribe
News Night
Home»Business»New US inflation data triggers Bitcoin community reactions
Business

New US inflation data triggers Bitcoin community reactions

AdminBy AdminFebruary 11, 2022Updated:February 11, 2022No Comments2 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Share
Facebook Twitter LinkedIn Pinterest Email

The recent news on U.S. dollar inflation spurred a series of reactions from the crypto community, noting that the event should push people toward Bitcoin (BTC). Comments from the crypto community championed Bitcoin as a powerful hedge against U.S. dollar inflation.

The US Bureau of Labor Statistics recently reported a 7.5 percent increase in the all items section of the consumer price index (CPI), the most commonly used indicator for inflation. Following this, Digifox Founder Nicholas Merten explained that the dollar might be worth half its current value in the coming years at the current rate of inflation.

Annual Inflation Hits 7.5%, and that’s JUST what the FED is telling us. If this continues:

Now: $1,000 today will be worth
Year 1: $925
Year 2: $856
Year 3: $791
Year 4: $732
Year 5: $677
Year 6: $626
Year 7: $579
Year 8: $536
Year 9: $496

Start assessing your options#Bitcoin

— Nicholas Merten (@Nicholas_Merten) February 10, 2022

Citing Merten’s tweet, politician Jo Jorgensen expressed her excitement in “participating in Bitcoin” through a Facebook post. On Twitter, crypto analyst Lark Davis also took this opportunity to joke around about selling BTC, his “inflation hedge” while “inflation is going crazy.” User MarcTradePro responded, “Of course not! #BTC is the gold of the future, and the future starts now.”

Meanwhile, Binance CEO Changpeng Zhao also used this opportunity to promote Bitcoin and Binance Coin (BNB) using his Twitter account.

#bitcoin and #BNB don’t have inflation.

— CZ Binance (@cz_binance) February 10, 2022

On the other hand, crypto investor Anthony Pompliano deemed it time to share the famous inflation quote from American economist Milton Friedman.

“Inflation is taxation without legislation” – Milton Friedman

— Pomp (@APompliano) February 10, 2022

Related: Strong Bitcoin and stocks rally position bulls for victory in Friday’s $860M options expiry

Inflation is the measure of a currency’s drop in value resulting in prices for goods and services increasing. This usually happens when the price of an asset drops as the supply grows. For example, if the U.S. keeps printing more dollars, the purchasing power of USD may grow weaker, increasing prices for goods and services. According to billionaire Carl Icahn, a crisis may follow with the way the country is printing money.

On the other hand, BTC has a fixed supply of 21 million, and there will not be any more minted after the last BTC is mined. Because of this, many argue that BTC is a good hedge against inflation.