Bitcoin boon as US inflation hits 13-year high, wages fall to lowest in 21st century
June 10, 2021. Summarized by summa-bot.
Compression ratio: 44.4%. 1 min read.
U.S. inflation is at its highest since 2008 and wages are plummeting — all good for Bitcoin.
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.
One of Bitcoin's best friends is inflation.
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.
Held noted that wages had failed to keep up with any changes, meaning that U. S. workers were earning on average per hour less than at any time in the 21st century when adj.
"Wages didn’t keep up with inflation, so workers got poorer.
Other Bitcoin figures have seized on inflation in recent years as a prime example of how the fiat monetary system deceives those it forces to participate.
"CPI is a misleading measure of inflation," Saylor argued in March.