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UK Inflation Hits 10-Year High After Bank Of England Says Bitcoin Could Become Worthless
The inflation rate in the UK has risen 5.1% to hit a 10-year high. Crypto enthusiasts proffer Bitcoin to hedge against inflation. The UK central banker, The Bank of England, remains unreceptive to Bitcoin, ωστόσο.The United Kingdom has been hit by surging inflation figures. According to data published by the UK Office for National Statistics (ONS), the inflation rate is at a 10-year high. For November, the consumer price index, which is a key measure of inflation, climbed 5.1% month-on-month, up from 4.2% in October.
The major causes for the rise that the ONS points to for the larger than normal rate spike were increases in the price of transportation, food, clothing, and footwear.
Ο αριθμός του πληθωρισμού δημοσιεύτηκε τη στιγμή που η Επιτροπή Νομισματικής Πολιτικής της Τράπεζας της Αγγλίας (ΤτΕ) έχει προγραμματιστεί να συνεδριάσει για να αποφασίσει εάν πρόκειται να προχωρήσει σε αυστηροποίηση της νομισματικής της πολιτικής. Παραμένει αβέβαιο εάν θα ληφθεί απόφαση για έναρξη ποσοτικής χαλάρωσης στην οικονομία, καθώς η συνάντηση είχε προγραμματιστεί για πριν από την εμφάνιση της παραλλαγής Omicron, ως εκ τούτου οι αναλυτές είναι διχασμένοι σχετικά με το ποια θα πρέπει να είναι η απόφαση της ΤτΕ.
Bitcoin can come to the rescue
Εν τω μεταξύ, Bitcoin proponents have taken the rising inflation rate to point out that the country should be more open to the pioneer cryptocurrency. Their proposal is simply that Bitcoin will act as an inflation hedge to protect the wealth of investors in the future.
This has long been one of the thesis for investing in the benchmark cryptocurrency as its limited supply means that it should rise in value when fiat currencies such as the pound and dollars are inflated due to having unlimited supply.
Ωστόσο, είναι highly unlikely that the key decision-makers of the UK including the BoE will be more receptive to Bitcoin σύντομα. Οι κεντρικοί τραπεζίτες συνεχίζουν να εξετάζουν τα κρυπτονομίσματα με επιφυλακτική δυσπιστία. Η στάση της BoE για τον κλάδο είναι ότι τα κρυπτονομίσματα δεν πληρούν τις απαιτήσεις για να θεωρούνται νομίσματα, ως εκ τούτου προτιμούν να τα αναφέρουν ως κρυπτονομίσματα.
Just this week, the governor of the BoE, Andrew Bailey, once again reiterated that banks and other regulated financial firms under its purview should be cautious in holding crypto assets as they were highly volatile and lacked regulatory clarity.
Consequences of rising inflation and the case for Bitcoin
Despite the cold shoulder of the BoE, cryptocurrency adoption has continued to grow in the UK as its proponents recognize the power it holds to alleviate inflation concerns.
In general, inflation has several implications for the finance of individuals. It affects day-to-day budgeting, as well as savings, borrowing, and investing. With extreme inflation, the purchasing power of money becomes reduced greatly. It also does not make a lot of sense to save in times of high inflation as the value of the money saved is likely to lose value over time. This is why in times of inflation investors seek inflation hedge assets such as Bitcoin to preserve the value of their wealth.
Πρωτότυπη πηγή: ZyCrypto