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Tag: btc

U.S. Inflation Hits 7% First Time In 40 Years And What It Means To Bitcoin (BTC)

Inflation in the United States just reached 7%, the highest level in 40 years.

The recent Consumer Price Index (CPI) data boosted Bitcoin and Ethereum prices by more than 3% and 4.5 percent, respectively, bringing their unit values above $43,000 and $3,300.

While historical trends imply that the $11 trillion gold market is the best bet for a secure hedge against dollar depreciation, the crypto market’s reaction to current inflation suggests that many people are willing to resort to cryptocurrencies this time.

This is especially true for many people in the medium to upper income brackets who want to preserve their cash and near-liquid investments from depreciation.

With over 160 percent value rise in 2021, Bitcoin, Ethereum, and other cryptocurrencies have a higher chance of being a viable alternative to fiat value loss for the typical American investor.

According to the most recent Consumer Price Index chart, energy (33.3%) is the leading driver of inflation, followed by housing (4.1%), food costs (>6%), cars, and medical care services (>2%).

Since Biden cut off domestic exploration in favor of importation, the United States has been experiencing increasing gasoline scarcity.

The Federal Reserve System of the United States announced in November that it expects a further increase and has already planned procedures to contain such a spike.

The hike in interest rates is one of the most important of these initiatives, as it will limit increasing borrowing throughout the time.

Bitcoin (BTC) To Reach Six Figures According Goldman Sachs

According to Goldman Sachs, the price of Bitcoin might reach $100,000 in the near future. The largest cryptocurrency, according to the financial giant, presently accounts for a quarter of the worldwide store of value market.

If Bitcoin continues to eat away at gold’s market share, it might approach the six-figure mark. Bitcoin evangelist Max Keiser sees the price hitting $220,000 this year due to the network’s rapidly growing hashrate. Bitcoin, on the other hand, has limited upside, according to legendary investor Ray Dalio. While Bitcoin increased by about 60% last year, it lagged behind the bulk of altcoins and even some major corporations.

MicroStrategy CEO Michael Saylor, on the other hand, believes Bitcoin will reach $600,000.

Despite experiencing substantially less volatility, Apple shares managed to outperform Bitcoin in 2021, according to Joe Weisenthal, co-host of the Odd Lots podcast.

Furthermore, as compared to real estate and the S&P 500 index, Bitcoin’s risk-adjusted returns are significantly lower.

MicroStrategy At Bitcoin (BTC) Shopping Spree Spends $82.4 Million

NASDAQ-listed tech giant, spearheaded by Michael Saylor, continues its BTC buying spree after another substantial purchase worth more than $80 million. The company has accumulated another 1,434 coins for approximately $82.4 million in cash at an average price of around $57,500 per bitcoin. This is the tech behemoth’s second bitcoin buy in the past few weeks. In November, the firm then spent $414 million to swipe just over 7,000 coins.

The company’s total stash is now 122,478 bitcoins, which were acquired for $3.66 billion at an average price of just under $30,000. This means that MicroStrategy’s entire BTC portfolio is now worth over $6 billion.

Peter Schiff Being Schooled By El Salvador President On Buying Bitcoin (BTC) Dips

El Salvador President Nayib Bukele explained to Peter Schiff why it didn’t make sense to criticize his country for continuing to take advantage of dips in the Bitcoin price. Schiff is the CEO of Euro Pacific Capital, a full-service, registered broker/dealer specializing in foreign markets and securities, and founder and Chairman of SchiffGold. The bill to make Bitcoin legal tender in El Salvador got passed by the Legislative Assembly on June 9 and the Bitcoin Law became effective on September 7. El Salvador’s President, Fausto Bukele, responded to Schiff’s attack on his nation’s gold reserves by pointing out that the value of their gold reserves has gone down by 0.37% over the past one year. The last time El Salvador bought Bitcoin was on October 27/28, and if they had done so back then, the price would be around $204 million.