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According To Tennessee City Mayor, Bitcoin Is The Only Solution For US Increasing Inflation That is At Highest Level Since 2008

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Due to rising prices of used cars, the US saw inflation hit its highest level in 13 years in June.

Consumer prices increased 5.4% over the 12 months till June. This is an increase of 5% as compared to the previous month. It was the largest increase since August 2008.

Read: Bank of America Approves Bitcoin Futures Trading

Because of high inflation Federal Reserve will be under pressure to tighten its monetary policy sooner than anticipated. This could slow down a consumer-driven recovery, and increase demand for higher wages.

The US Labor Department has released its most recent report. It shows that consumer prices increased 0.9% in June. This is more than economists expected and the largest monthly gain since June 2008.

Read: Microstrategy CEO Michael Saylor: “Bitcoin Is Big Tech Network Without Company”

Bitcoin The Only Fix

Jeroen Blokland Said:

Inflation is rising so it makes sense that people will look for a source that is hedge against Inflation. Bitcoin community is urging public to buy BTC to avoid inflation.

Read: Twitter And Square CEO Jack Dorsey Confirms Square Is Building a Bitcoin Hard Wallet

WhalePanda on Twitter said, Economists are shocked on rising inflation but not BTC Twitter community:

“Inflation is 5.4%, highest in 13 years. Economists are shocked. Bitcoin twitter isn’t surprised at all. Guess who understands the economy better.”

Bitcoin achieves urge to buy BTC:

Scott Conger, Mayor of Jackson City (Tennessee State) also tweeted his concerns over the falling dollar value, increasing inflation and accepting BTC as fix for Inflation.

“Why do we accept inflation? Why don’t we demand more from our federal government? 6.3% in 2 years. 172.8% in my lifetime. Every year our dollar is worth less. There is no rebound. There is only 1 fix for this. Bitcoin.”

Read: A 101-Year-Old US Industrial Pump Valve Company Now Accepts Bitcoin As Mean Of Payment

Andrew Hunter, an American economist is convinced that inflationary concerns will not be over soon.

He Said:

“The bigger concern is that inflationary pressures are also now clearly building in more cyclically sensitive sectors, which could prove longer lasting.”

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Mark Brennan
Mark is 27, holds a Master degree in Business Administration, and works as a content Creator at TheCryptoBasic mostly on Crypto Market Updates. Since 2014 he has been active in the crypto sector. Thanks to the Business College in which other than Business subjects, he was taught about the disruptive potential of Blockchain. His interests include Blockchain technology and Crypto Market innovations. He also founded a small startup in which he gives lectures on cryptocurrencies.


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