Is Bitcoin the solution to inflation? These crypto legends believe so
The fantastic four of the Bitcoin community came together on Twitter, arguing Bitcoin’s anti-inflationary characteristics. Cathie Wood’s latest Twitter thread highlighted the inflation flare-up since the beginning of the pandemic. However, Woods claimed that AI, energy storage (EVs!), robotics, genomic sequencing, and blockchain technology will become anti-inflationary agents and bend the curve. Her Twitter thread received exceptional traction with replies and extended threads from Elon Musk, Jack Dorsey, and Michael Saylor.
“Inflation has flared in response to COVID-related supply chain bottlenecks and oil supply constraints but, IMHO, the powerful and converging deflationary forces associated with AI, energy storage (EVs!), robotics, genomic sequencing, and blockchain technology will bend the curve.”, tweeted Cathie Wood.
While Musk and Dorsey reinstated the ongoing issue of inflation, Saylor emphasized Bitcoin as a potential solution. Twitter CEO, Jack Dorsey alerted people about “hyperinflation” taking over and radically changing everything. Meanwhile, Tesla CEO, Elon Musk noted the short-term problem of inflation. Additionally, the ultimate Bitcoin disciple, Michael Saylor addressed the problem of inflation and further alleged Bitcoin to be the most practical solution for a consumer, investor, or even corporation seeking inflation protection in the long run.
Musk mocks government official’s comments on inflation
In a follow-up tweet to his reply, Musk jokingly mocked the White House Press Secretary, Jen Psaki’s Friday comments on rising inflation. She claimed that the impact of rising prices doesn’t matter because there’s nothing left on store shelves to buy.
But the Bee nails it again 🤣🤣 https://t.co/eTDmxVrYxZ
— Elon Musk (@elonmusk) October 26, 2021
“Rising prices would definitely be a problem if there were things like food, clothing, or medicine available for purchase…As it stands right now, consumers really aren’t paying higher prices because they’re not able to purchase anything. People are reporting they’ve never saved so much money in their lives!”, said Psaki.
Since the beginning of the fourth quarter, Bitcoin prices are consistently outperforming, rallying above $62K with a market cap of $1.18 trillion, at the time of writing. Yesterday, CoinGape covered Anthony Scaramucci’s comments on Bitcoin bull. He asserted Bitcoin’s dominance, claiming that Bitcoin is going to be a “gigantic asset class”, further identifying it as “digital gold”. Scaramucci also noted that “Anybody that does the homework…ends up investing into it (Bitcoin)” and advised traders to get their hands on the inevitable crypto.