Fed data: Bitcoin outperforms dollar in fighting inflation
News on October 5, according to Cointelegraph, the St. Louis branch of the Federal Reserve in a blog post compared the inflation resistance of Bitcoin (BTC) and the U.S. dollar (USD) in purchasing eggs, and the results showed that Bitcoin is resistant to inflation. outperformed the US dollar. The author of the article used data from January 2021 to the present to measure the price of a dozen eggs in Bitcoin and US dollars. Despite Bitcoin price volatility, the number of sats required to purchase the same amount of eggs with Bitcoin has decreased more than USD since the December 2022 peak. As of August 2023, Bitcoin holders need 70% fewer Bitcoins to purchase eggs, while USD has fallen 58%.
News on October 5, according to Cointelegraph, the St. Louis branch of the Federal Reserve in a blog post compared the inflation resistance of Bitcoin (BTC) and the U.S. dollar (USD) in purchasing eggs, and the results showed that Bitcoin is resistant to inflation. outperformed the US dollar. The author of the article used data from January 2021 to the present to measure the price of a dozen eggs in Bitcoin and US dollars. Despite Bitcoin price volatility, the number of sats required to purchase the same amount of eggs with Bitcoin has decreased more than USD since the December 2022 peak. As of August 2023, Bitcoin holders need 70% fewer Bitcoins to purchase eggs, while USD has fallen 58%.