Amid a massive spike of the United States’ Consumer Price Index (CPI), the cryptocurrency community has divided on whether Bitcoin (BTC) is really a hedge to inflation.
The CPI, an indicator measuring the average change in prices that consumers pay for a basket of goods and services, saw its largest one-month increase in June over the past 13 years, Business Insider reported Tuesday. The inflation surge reportedly started in March, when CPI rose by 2.6%, followed by subsequent increases in April of 4.2% and eventually 5.4% in June.
Interesting that as CPI #inflation has climbed from +1.4% y/y in January to 5.4% in June, #Bitcoin has essentially been cut in half
[Past performance is no guarantee of future results] pic.twitter.com/QIXeb2m5Vv
— Liz Ann Sonders (@LizAnnSonders) July 13, 2021
“Bitcoin isn’t behaving like an inflation hedge