Crypto enthusiasts unite to jointly attack U.S. inflation rate and media coverage
Elon Musk and creator of the Doge meme-coin Billy Markus, also known on Twitter as Shibetoshi Nakamoto, expressed their opinions on United States inflation rates that have increased significantly since the beginning of the year.
Previously, Elon Musk posted a memes-related tweet saying that “420 increased by 69” due to inflation, which received many endorsements from the Musk community. The post was also noticed by the Blockworks account that posted the purchasing power of $100 over time.
According to their tweet, the dollar has lost 91% of its purchasing power over the past 70 years. The post garnered the support of Elon Musk, who called inflation “the most regressive tax of all,” referring to the impact that inflation has on the wealth of average citizens who can lose up to 50% of their earnings.
Developer Dogecoin joined Musk and, in his satirical tweet, added that mainstream media in the United States was trying to cover the real impact of inflation on the country’s economy by saying it was sort of “Well”.
Two posts attracted a great number of cryptocurrency enthusiasts, saying that Bitcoin and other digital currencies “fix” the inflation problem by being decentralized, deflationary or issued with a limited total supply.
Previously, the US Treasury Department reported nasty inflation figures for October, with consumer prices rising 0.8%. The annual inflation rate skyrocketed almost to its 1990s maximum of 6.29%.
