Bitcoin (BTC) gained more free publicity this week as inflation data showed that prices are rising faster than even experts had anticipated.
The latest Consumer Price Index (CPI) report on June 10 from the United States Bureau of Labor Statistics (BLS) also revealed that hourly average earnings for U.S. workers are at their lowest this century.
Inflation returns to 2008 levels
One of Bitcoin’s best friends is inflation. Its inherently deflationary nature allows its users to save for the future without worrying that inflation is eradicating the value of those savings.
Since Covid-19 began, central banks have launched unprecedented money printing programs, and the consequences are now becoming worryingly clear.
In May 2021, twelve months after coronavirus began to take hold worldwide outside China, U.S. CPI rose 0.6%.
This is 5% higher than the same month last year, and means that U.S. inflation is now at its highest since 2008, the year of the Financial Crisis.
“The May CPI report shows reopening-sensitive categories dominating price pressures for