Bitcoin still beating US dollar versus ‘eggflation’ — Fed data
Bitcoin (BTC) is outperforming the US dollar versus “eggflation,” according to data from the Federal Reserve Bank of St. Louis.
Eggflation is a term used to describe the rising price of eggs. It is often used as a proxy for inflation, as eggs are a staple food item that is consumed by people of all income levels.
The data from the St. Louis Fed shows that the price of a dozen eggs in US dollars has increased by 39% since the start of 2023. However, the price of a dozen eggs in Bitcoin has only increased by 26% during the same time period.
This means that crypto market today has outperformed the US dollar versus “eggflation” by 13%.
What does this mean for Bitcoin investors?
The fact that Bitcoin is outperforming the US dollar versus “eggflation” is a good sign for Bitcoin investors. It suggests that Bitcoin is a good hedge against inflation.
Inflation is a decrease in the purchasing power of money. It means that your money can buy less goods and services over time.
Bitcoin is a scarce asset, which means that there is a limited supply of Bitcoin. This scarcity makes Bitcoin a good hedge against inflation.
Other factors to consider
However, it is important to note that there are other factors that could affect the price of Bitcoin in the short term. For example, the upcoming US midterm elections and the ongoing war in Ukraine could both lead to volatility in the market.
Additionally, the US Federal Reserve is expected to continue raising interest rates in the coming months. Higher interest rates make riskier assets like Bitcoin less attractive to investors.
Overall, the fact that Bitcoin is outperforming the US dollar versus “eggflation” is a good sign for Bitcoin investors. It suggests that Bitcoin is a good hedge against inflation.
However, it is important to note that there are other factors that could affect the price of Bitcoin in the short term. Bitcoin investors should carefully consider all of the factors that could affect the price of Bitcoin before making any investment decisions.
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Here are some additional thoughts on the topic:
- The fact that Bitcoin is outperforming the US dollar versus “eggflation” is significant because it suggests that Bitcoin is becoming increasingly accepted as a store of value.
- Bitcoin is still a relatively new asset class, but it is growing in popularity at a rapid pace. As more people and businesses adopt Bitcoin, it is likely to continue to outperform the US dollar versus inflation.
However, it is important to note that Bitcoin is a volatile asset, and its price can fluctuate significantly in the short term. Investors should carefully consider their risk tolerance before investing in Bitcoin.