Bitcoin (BTC) is up more than $ 1,000 on December 10, possibly following the release of data that the CPI reflected more than expected inflation in November.
In this regard, according to TradingView, the BTC / USD rate on Bitstamp reached $ 50,132.
Bitcoin rallies amid the announcement of the highest inflation in 40 years.
Bitcoin rallying on announcement of the highest inflation in 40 years. pic.twitter.com/BHQTnKpxdB
— Pump 🌪 (@APompliano) December 10, 2021
The updated CPI was eagerly awaited by both cryptocurrency and traditional financial analysts, who expected an increase of at least 6.7-7% year-on-year in November. Overall, the numbers were in line with conservative assumptions, reaching 6.8%, the highest in nearly 40 years.
Thus, Bitcoin’s short-term gains did not last long, and soon the BTC / USD rate corrected to $ 48,914.82.
Nonetheless, Bloomberg’s senior commodity strategist Mike McGlone predicts 2022 will be a good year for Bitcoin and gold. He assumes that the price of BTC will exceed $ 100,000 and the precious metal will be trading at $ 2,000.
$ 100,000 for bitcoin, $ 50 for oil, $ 2,000 for gold? Forecast for 2022 in five charts: Peak commodity prices and falling long-term Treasury bond yields indicate risks of a resurgence of deflationary forces in 2022, which will positively affect Bitcoin and gold.
$100,000 #Bitcoin, $50 #Oil, $2,000 #Gold? 2022 Outlook in 5 Charts — Peaking commodities and the declining yield on the Treasury long bond point to risks of reviving deflationary forces in 2022, with positive ramifications on Bitcoin and gold. pic.twitter.com/j3VNAOCwuz
— Mike McGlone (@mikemcglone11) December 9, 2021
Given that the US dollar is gradually losing its purchasing power, many experts, including Mike McGlone, predict the prevalence of “deflationary forces” and increased inflation around the world.
Bitcoin is currently trading at $ 49,768, showing a 2.6% daily gain.
#inflation #rate #record #years #lifts #bitcoin
