Abstract:
- Michael Saylor has identified that the US greenback continues to realize worth as annual inflation has hit 9.1%.
- He provides that different world currencies proceed to weaken towards the USD, and it is just a matter of time earlier than the world discovers that one Bitcoin will all the time be equal to 1 Bitcoin.
MicroStrategy CEO and Bitcoin perma-bull Michael Saylor has identified that the US greenback continues to realize worth towards different world currencies regardless of the speed of inflation being on the highest it has been in 40 years at 9,1%.
Consequently, in line with Mr. Saylor, it is just a matter of time earlier than the world discovers that one bitcoin will all the time be equal to 1 bitcoin, hinting that BTC is the very best hedge towards inflation and weakening currencies. He explained:
Annual Inflation in USD CPI is +9.1%, Different currencies proceed to weaken towards the greenback: YoY USDAUD is +10%, USDGBP is +16%, USDEUR is +17%, USDJPY is +24%, USDTRY is +102%.
It’s only a matter of time earlier than the world discovers 1 BTC= 1 BTC.
Tackling Inflation is My Prime Precedence – President Biden.
As earlier talked about, the annual inflation has hit a brand new 40-year excessive of 9.1%. As quickly because the CPI information was introduced, President Biden launched a press release stating that inflation is ‘unacceptably excessive.’ He additionally added that he was prepared to sort out inflation. He said:
Tackling inflation is my prime precedence – we have to make extra progress, extra shortly, in getting worth will increase beneath management. Here’s what I’ll do:
First, I’ll proceed to do the whole lot I can to carry down the worth of gasoline…
Second, I’ll urge Congress to behave, this month, on laws to scale back the price of on a regular basis bills which can be hitting American households, from prescribed drugs to utility payments to medical insurance premiums and to make extra in America.
Third, I’ll proceed to oppose any efforts by Republicans – as they’ve proposed throughout this marketing campaign yr — to make issues worse by elevating taxes on working folks, or placing Social Safety and Medicare on the chopping block each 5 years.
Lastly, I’ll proceed to offer the Federal Reserve the room it wants to assist it fight inflation.
Bitcoin Holds $19k on President Biden’s Remarks.
President Biden acknowledging inflation and promising to sort out it may very well be the primary motive the normal and crypto markets haven’t dumped as anticipated resulting from a record-high 9.1% annual inflation.
On the time of writing, Bitcoin is buying and selling at $19.8k after a short dip to $18,910 as a result of excessive CPI information. From the every day BTC/USDT chart beneath, it may be noticed that Bitcoin continues to commerce in bear territory beneath the 200-week transferring common (purple), 50-day MA (white), 100-day MA (yellow), and 200-day MA (inexperienced).
Nevertheless, the assertion by President Biden may present the arrogance required for Bitcoin to reclaim at the least the 200-week transferring common on the $22,500 worth space within the days or even weeks forward. This forecast can also be totally tied to the normal markets experiencing a restoration of their very own resulting from President Biden’s dedication to preventing inflation.
