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As fear of inflation runs high, experts discuss its impact on Bitcoin
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The Consumer Price Index (CPI) in the U.S. has hit a three-decade high. It is noteworthy that the U.S. Labor Department data pins the non-seasonal figure at 6.2% over the last 12 months.
Source: theirrelevantinvestor.com/ red dots represent CPI releases
Naturally, the significantly higher inflation number than what the market expected turned into positive news for Bitcoin and other correlated crypto assets.
On the back of which, BTC hovered close to an ATH of $69k on Wednesday. That’s a market value rise of as much as 1.9% with other major cryptos gaining 2.4% on the Bloomberg Galaxy Crypto Index.
It is not news that many in the crypto community consider Bitcoin akin to digital gold, to hedge their money against price rise. As a deflationary
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