LiteBit

14 days ago

Inflation is rising and Jordan Peterson is into Bitcoin

Jordan Peterson bought Bitcoin. This was revealed recently via Twitter after Peterson invited Saifedean Ammous to his podcast. Bitcoin’s technology and its use for mankind were mind-blowing revelations to Peterson, who briefly discussed Bitcoin together with Ammous. It seems that the author of the “Bitcoin Standard” has managed to convince Peterson so far that he decided to buy more Bitcoin.

More celebrities get involved

It was only recently when Apple’s CEO Tim Cook revealed that he holds crypto in his portfolio in an interview. We can only speculate which cryptos Mr Cook holds and how much he invested. The same can be said about professor Peterson, with the slight difference that we have reason to believe that he is holding Bitcoin and that he held some before the show.

With more persons of public interest getting involved, the legitimacy of Bitcoin gets increased. Not that it wasn’t legitimate before they were entering, but it has been received as highly speculative and risky by the broader public. Data shows that this has already changed, and with more people using their outreach to vouch for Bitcoin, the situation will eventually turn around completely.

Inflation is rising

Another reason why BTC is becoming more attractive to the masses is the rising inflation. The US faced inflation of 6,2 % last October, the highest within the last 30 years. Reasons for that are the rising energy costs and interrupted supply chains.

While inflation was discussed by top-tier politicians as temporary, it seems that the phenomenon is here to stay a little longer. Most European countries are facing the exact same situation as the United States. The only thing that differs slightly is the numbers each country has to deal with.

For instance, Germany saw inflation of 4,5% in October, and this was the highest rate not in 30 but 28 years. With inflation rising, many Bitcoiners see their point of view validated. They blame the massive creation of new money as the root cause for the economic problems. This critic ignores a large part of the circumstances during the corona crisis and the economic impact.

If it is true that Bitcoin is an effective hedge against inflation, then we all will find out sooner than later. Some analysts are expecting not only the inflation to last longer but also at an increased rate.

Trade anytime, anywhere

Boost your trading impact and reaction time in over 40+ cryptocurrencies via instant access to your portfolio with the LiteBit app.

App StoreGoogle Play Store
App StoreGoogle Play Store
download-app