Bitcoin "Just" Keeps Up With Inflation
We were supposed to have some good time once covid was over, but as soon as that happened, and it's not even over all over the world, and we got the war served to us. Just like a charm, right...
It's not enough that people are dying, fleeing or living in constant fear over there, but this event is economically influencing the whole planet in a bad way. It is supposed that around $100 million in crypto have been donated to Ukraine and that's awesome.
Having a borderless non governmental currency "involved in a war" is something quite notable. It's probably been a life boat for both Russian and Ukrainians and this type of use cases for Bitcoin and crypto in general is what I would most often emphasize on, rather than ETFs and similar types of products.
Bitcoin is currently $46,600 and from my knowledge it is still under the 200 MA from a TA perspective, thus we don't have yet a confirmation for any aggressive move to the upside or a bull market certainty. That can change soon, or not, but the point is that it is still a bit over 2x since its 2017 ATH. A level that was expected to be revisited, by plenty in this space, but didn't happen.
Bitcoin has been on this level for several times in the past couple of years, but this time is different. You know why it is that different and why I believe we won't probably have a $30k BTC any time soon?
Cuz we're dealing with some serious inflation across the globe, thus making current BTC performance as just a run keeping up with inflation. It's quite painful seeing prices in the supermarket getting boosted from one week to another and also frightening the thought of such a situation continuing for months ahead.
I've done some small shopping this evening and there's some smoked salmon that I like which was around $2.7 probably less than a month ago. Last week it was $3.1 and now I bought it with $3.77. The situation with cooking oil seems to be even worse, but I don't use it that much, thus haven't payed much attention.
When we have prices skyrocketing as such we realize that Bitcoin's value is somehow "inflation boosted" and that's not all. One Bitcoin would probably not but you the same stuff it could do just a month ago... However, being in crypto sure feels like hanging on a better cord than by simply living on a fixed fiat income.
The skies are turning grey, though, and we're paying the price of some buttheads and their big egos. I don't know if it's just my mood, but things don't look bright at all. Hope you've had a great Sunday and see you tomorrow.
Thanks for attention,