US inflation hits highest since 2008 and sums up the situation for Bitcoin

With inflation in the US reaching its highest point since the 2008 financial crisis, Bitcoin is serving as a crucial lifeline. The consumer price index (CPI), a measure of the price of consumer goods and services, rose 5% year-on-year last month, reaching its highest point since August 2008, according to the U.S. Bureau of Labor Statistics. and as federal economic stimulus continues in the wake of the COVID-19 pandemic, this measure shows USD inflation is at its highest point since the Great Recession, causing palpable investor concern. "Fears of rising prices in the US have gripped markets, forcing central banks to slow down their stimulus programs as investors fear that bottlenecks in demand and supply chain will increase inflationary pressures," The Guardian wrote. . "Core inflation, which excludes variable items such as food and energy, jumped to its highest level since 1992. It rose to 3.8% year-on-year from 3% in April." Introduced in direct convergence with the Great Recession, Bitcoin was designed to solve many of the problems currently arising in the legacy financial system. Bitcoin supply is predetermined, programmed and not manipulated by third parties such as the Federal Reserve. Therefore, the dollar cannot inflate as it currently does. Concerns about inflation are pushing many people to invest in bitcoin as a way to better protect their wealth. This current economic trend seems to pave the way for another crisis of great recession rates that Bitcoiners have felt was coming for a while.

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