Another down week for bitcoin. We had a nasty CPI inflation report on Tuesday. According to our government, prices from a year ago have increased 8.3%. As a consumer providing food and shelter for a family of 4, it sure feels like the true inflation number is much higher. Inflation is out of control. Our purchasing power is diminishing right before our eyes. The Federal Reserve is posturing itself as Hawkish - focused on raising the base borrowing rate (currently 2.5%)until they can get inflation “under control”. Not to mention the global economy is also experiencing a massive slow-down for many reasons, but partly caused by the geopolitical nightmare between Europe and Russia. As a result, markets are in turmoil and bitcoin has not been able to hide from the pain.
In other news, the Etherium (ETH) merge to Proof of Stake (POS) occurred this week. I mention this only because the ETH merge further shows why bitcoin is special. In complete contrast to Bitcoin, the ETH code and functionality has changed many times, the latest being the merge to POS. When it comes to wealth, stability and security is always the safer bet over an ever changing roadmap with massive security risks.
With the move to POS, some would argue ETH has only become more centralized and at risk of censorship. Click below for additional content on the topic:
Why The Ethereum Merge is a Monumental Blunder
Why is Bitcoin POW special?
Read the below article to learn about the benefits of POW vs. POS:
How secure is POW?
Check out a few different data points relevant to bitcoin:
Bitcoin in the news:
Comments