Michael Saylor, CEO of MicroStrategy Integrated MSTR, took to Twitter Inc TWTR to touch upon the most recent annual inflation knowledge and what it means for Bitcoin BTC/USD.
What Occurred: Following the onset of the COVID-19 pandemic in 2020, the U.S. authorities injected a big sum of money into the U.S. financial system inflicting hyperinflation. Consequently, the U.S. financial system is presently going through macroeconomic fears of an impending recession.
The most recent CPI knowledge revealed inflation to be at 9.1%. Saylor commented on this statistic, highlighting the significance of Bitcoin BTC/USD. In a recent tweet on July 13, Saylor emphasised how currencies persist to weaken in opposition to the greenback.
“Annual Inflation in USD CPI is +9.1%, Different currencies proceed to weaken in opposition to the greenback: YoY USDAUD is +10%, USDGBP is +16%, USDEUR is +17%, USDJPY is +24%, USDTRY is +102%,” he acknowledged.
Saylor continued within the tweet, “It’s only a matter of time earlier than the world discovers 1 BTC= 1 BTC,” shedding mild on Bitcoin because the strongest hedge in opposition to inflation.
Following the latest plunge in cryptocurrency costs, MicroStrategy has continued to collateralize its Bitcoin positions. Whatever the present value motion — Bitcoin is at $20,563.32 on Thursday afternoon, not fairly at its 52-week low of $17,708.62 — Saylor stays unwavering on his dedication to the crypto.