Inflation is coming
That's not to say that bitcoin isn't a great store of value. Especially in the present environment where, with a large thanks to the efforts from global central banks, speculative assets are widely preferred over savings in the bank.
According to the Federal Reserve's forecasts yesterday, inflation (the consumer price index) is likely to ramp up to 2.4% by the end of the year. This is alarmingly high.
Even though their long-term assessment is that elevated levels of inflation will be temporary, common sense and the bond market says they are bluffing, and everybody knows it.
So, Federal Reserve Chair Jerome Powell, or J-Pow, along with his counterparts at the European Central Bank, Bank of England, and The People's Bank of China will continue to double down and "support the economy" by debasing the currency, even as federal governments hand out helicopter money directly to their respective citizens.
Have a wonderful afternoon.
