Quote from: GreatArkansas on Today at 12:45:52 AM

At first, when the inflation rate pumped for most of the countries in the world, I was expecting Bitcoin will skyrocket but what happened was the opposite,

This is what I expected too and it is a logical thing to expect too. Here is the important part: this expectation is correct!

The only reason why bitcoin price is not going up is that we are not seeing inflation alone. We are seeing inflation and recession. As the economy tanks and companies shut down or let their employees go, people don't have enough money to make any kind of investment. Instead they have to dig into their savings, their investment, etc. and that means selling more bitcoins instead of buying more. Hence the drop.

Otherwise if this was only inflation (price of everything going up) without people losing their jobs or having decreased income, the bitcoin price would have been over $100k by now.