Inflation creeps in on US - Bitcoin stands as Support
I suppose that inflation concerns in America aren't something so new to anyone hearings. it has become highly anticipated as a result of government policies of recent, which are directly targeted to that. The US President twitted yesterday on the inflation report which he however admitted having observed an increase. However, he did go ahead to shill his ever talked of infrastructure bill, of which he expects to curb inflation bringing down costs by reducing bottlenecks
The US has seen an increase in government debt as per the nation's gross domestic product, recorded as 128.10% at the time of writing. Compared to other counties, the likes of China, Euro Area, Germany, and even Mexico are holding up pretty well in government debt, having just 52.10% on its record. The concerns are enormous, investors minds are placed on US's ability to handle debt thereby managing its borrowing costs and government bond yields.
That said, most of these inflation talks has already been unraveling
The annual inflation rate in the US surged to 6.2% in October of 2021, the highest since November of 1990 and above forecasts of 5.8%. Upward pressure was broad-based, with energy costs recording the biggest gain (30% vs 24.8% in September), namely gasoline (49.6%). Inflation also increased for shelter (3.5% vs 3.2%); food (5.3% vs 4.6%, the highest since January of 2009), namely food at home (5.4% vs 4.5%); new vehicles (9.8% vs 8.7%); used cars and trucks (26.4% percent vs 24.4%); transportation services (4.5% vs 4.4%); apparel (4.3% vs 3.4%); and medical care services (1.7% vs 0.9%). The monthly rate increased to 0.9% from 0.4% in September, also higher than forecasts of 0.6%, boosted by higher cost of energy, shelter, food, used cars and trucks, and new vehicles. source: U.S. Bureau of Labor Statistics as reported here
On a monthly chart, the inflation percentage increase observed by the US is about 0.9%, while the overview records a striking 6.2% which is carried by the news to be hotter than usual. Additionally, U.S. politicians are reported to be creating multi-trillion-dollar packages with money the government doesn’t have and the inflation is also supposed to be the reason for the stock markets crash on Wednesday
As Americans shows concerns for the increase on tax effects of inflation in the US, a tweet by the famous whistleblower "Edward Snowden" had major business tycoons drawing attending to the gold class asset bound to serve as support during this terrible financial times in the US. Bitcoin magazine tweeted a reply saying that 40% of the US dollars in existence were printed in the last 12 months, further adding that "this is why we choose bitcoin"
Cameron Winklevoss added that "inflation isn't coming" that it is already here, adding that it isn't "transitory" but rather has topped 5% for 5 months straight and is increasing at a faster rate in 30 years, concluding that Bitcoin fixes this.
As Michael Saylor said; "No Safe Heaven But #Bitcoin it is no hidden truth that bitcoin will be the safest train during this period. doubt it?
In the fifth position, you'd see bitcoin, showing off itself as the best performing "currency" with a YTD of 124.12%
Bitcoin is bound to claim higher positions as inflation slowly creeps in, be ye woke, might be a bumpy ride :)
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