Re: Bitcoin declines due to news of the inflation rate
Why is it that bitcoin and other cryptocurrencies have declined in response to the inflation rate rising? Should the response be the other way around? Bitcoin is anti inflationary so it makes more sense to use bitcoin to protect the value of your bitcoin. So, why was the response like this? What do you think so?
Compared to other assets Bitcoin is a hedge against inflation. 3.8% decline in price is not a big deal considering that that the price has increased to about 87.97% within this year. Since most of the big crypto investors are in the US it is common that economic reports from the country affects the market. Sadly, the US economy is being handled by people who are making inconsistent policies. Trump wants interest rate cut but his economic policies are making it difficult for the Feds to make it happen.
Some want to sit on two chairs, and sometimes, it happens, sometimes, it only seems that it's okay, but eventually, it crumbles
