Eggs Are in a "Bull Run", Inflation is Going Through The Roof and Nobody's Asking About Bitcoin Lately
Gasoline has cooled down for a bit lately although traffic is still at "normal levels". I personally have not seen any decrease in traffic during the "peak prices" for gas and diesel we've experienced a few months ago, thus I believe that the price drops for gasoline are not due to low demand...
We're not on clear waters in regards to inflation either. I just saw a couple of tweets about Spain reaching an inflation of 10.8% lately and France going as high as 6.1%. The highest these countries have had for the past 37 to 38 years.
Now before we get into inflation semantics let's see what the official definition of it actually looks like... So, what is inflation, according to experts?
Inflation is a rise in prices, which can be translated as the decline of purchasing power over time. The rate at which purchasing power drops can be reflected in the average price increase of a basket of selected goods and services over some period of time.
The rise in prices, which is often expressed as a percentage, means that a unit of currency effectively buys less than it did in prior periods. Inflation can be contrasted with deflation, which occurs when prices decline and purchasing power increases. source
Did they mention a decline in purchasing power? well, I know how that feels like, and in this regard, I just experienced it on my own this morning when I got to the market to buy myself some chicken eggs just to find out these were 50% more expensive than they usually were. I guess it's a couple of weeks since I last bought eggs from the market and I find the price spike not pleasant to say the least.
It's not just eggs, you know... Salmon for example is almost two times the price it was back in winter and the list of goods that are more expensive now than they used to be just months ago can be quite long.
Inflation is obvious at this point, no doubt about that, but what about Bitcoin, wasn't it supposed to be a hedge against inflation, shouldn't we turn towards it instead of pilling worthless cash into savings accounts and whining about prices going through the roof?
I'm pretty much known as the crypto guy around here, although far from being an expert in that regard, no one is asking me lately about crypto and Bitcoin, though. It's like everyone got quiet about it lately. I guess they waiting for $10,000 :).
On a serious note though, we should take crypto more seriously during the current inflationary times we're living. It is indeed a hedge. Bitcoin will appreciate, alts will recover, HBD pays interest, but the purchasing power we currently have will not better in the years to come at the pace crypto will boom.
If you have a coin or two and are able to earn more through Hive you should feel blessed about that, not many are in this position. The majority is still selling their precious time for fiat money and deceiving promises and that's not good at all. Hope everyone is having a fantastic day and see you in the next post.
Thank you for your attention, Adrian
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