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.
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.
Bitcoin The Only Fix
Jeroen Blokland Said:
— jeroen blokland (@jsblokland) July 13, 2021
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.
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.”
Inflation is 5.4%, highest in 13 years.
Economists are shocked.
Bitcoin twitter isn't surprised at all.
Guess who understands the economy better.
— WhalePanda (@WhalePanda) July 13, 2021
Bitcoin achieves urge to buy BTC:
• US Inflation rising 3 months in row!
• 5.4% and the highest in 13 years.
Buy #Bitcoin 😉
— Bitcoin Archive 🗄🚀🌔 (@BTC_Archive) July 13, 2021
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.”
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
— Mayor Scott Conger (@MayorConger) July 16, 2021
Andrew Hunter, an American economist is convinced that inflationary concerns will not be over soon.
“The bigger concern is that inflationary pressures are also now clearly building in more cyclically sensitive sectors, which could prove longer lasting.”