Fed data: Bitcoin outperforms the dollar in protecting against inflation

PANews · 2023-10-05T13:03:00.000Z

PANews 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) with the U.S. dollar (USD) when it comes to buying eggs, and the results showed that Bitcoin is resistant to inflation. Outperforming the US dollar in terms of inflation. 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%.

PANews reported on October 5 that according to Cointelegraph, the Federal Reserve St. Louis Branch compared the inflation resistance of Bitcoin (BTC) and the U.S. dollar (USD) in purchasing eggs in a blog post, and the results showed that Bitcoin performed better than the U.S. dollar in resisting inflation. The author of the article measured the price of a dozen eggs in Bitcoin and U.S. dollars respectively based on data from January 2021 to date. Although Bitcoin prices fluctuate greatly, starting from the peak in December 2022, the number of sats required to buy the same number of eggs with Bitcoin has decreased more than the U.S. dollar. As of August 2023, Bitcoin holders have reduced the amount of Bitcoin needed to buy eggs by 70%, while the U.S. dollar has decreased by 58%.