December 6, 2023

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The price of Bitcoin is $ 69,000 after the highest inflation rate in the United States in 30 years

The price of Bitcoin is $ 69,000 after the highest inflation rate in the United States in 30 years

Official inflation figures in the United States are causing great confusion in the world of Bitcoin (BTC). U.S. inflation rose to 6.2% in October, its highest annual rate in 30 years.

These are Official figures. How much ‘real’ inflation is depends on which products you use to calculate. It is common knowledge to have less value for your dollars (or euros) each year. Bitcoin’s price responded immediately to the news. At the time of writing, BTC’s price has reached its all-time high of $ 69,000 on many cryptocurrencies such as Coinbase.

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The daily price of Bitcoin is not determined by a message or a decision. Millions of people now participate in this market, each with their own interests. But the Bitcoin market is sensitive to some stories.

We continue to see great reactions to certain events in the ‘real world’. Trading in Bitcoin is still a human job (with the help of algorithms). One could argue that today’s reaction from the price of BTC suggests that the bitcoin hedge against the inflation story is gaining popularity.

Bitcoin prices have risen following reports from the United States

Traditional investors in particular often use this argument to support their investment in Bitcoin.

Do you agree with that story or not: this particular topic is coming out more and more in the world of Bitcoin. Recently Peter Thiel said it again Higher US dollar inflation favors bitcoin. Co-founder of PayPal, among others, Bitcoin has been believed for many years as a way to avoid inflation of other currencies.

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Michael Sailor is one of the leaders in this area in the world of millionaires. Director of Micro strategy Now he uses the quality of Bitcoin in his company. Sailor likened having ice cubes to holding the dollar as a means of saving. Slowly but surely the value will melt.

MicroStrategy is now worth over 100,000 BTC. It is formed from a combination of investment rounds with the sole purpose of converting ‘savings’ into BTC and buying more bitcoin.

There are many stories like the stories of Thiel and Sailor, and it is obvious that once they get a big place in Bitcoin, they encourage their move instead of sowing suspicion. So it is better to take their words with salt.

At the same time, they prove that the story of Bitcoin as an alternative currency to the dollar plays a role at the level of billionaires in the United States.

They already have a lot of assets in assets other than their national currency. High inflation mainly affects those who do not have solid assets such as real estate, stocks, gold or bitcoin. When you depend on your (standard) salary in euros and a piggy bank, you notice a very rapid depreciation.

Bitcoin Als Protocol

Despite all the speculation, Bitcoin is essentially a protocol. It is a public database with millions of shareholders. The basic rules remain the same, which is one of the unique features of BTC.

Bitcoin inflation figures are well known. May be max 21 million bitcoin Should be. The miners who find a block are rewarded up to that number, the block subsidy. Currently it is 25 6.25 BTC per 10 minutes. This number is halved every ~ 4 years (or 210,000 blocks), as it is called Halfway through.

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Unlike the dollar, the issue of bitcoin is fair and everyone knows it. No one can be surprised by the sudden intervention of the head of the central bank behind Bitcoin. Not one.