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GREEK NEWS

Bitcoin Surges as Inflation Fears Hit the US

bitcoin inflationThe value of Bitcoin is rising as the U.S. continues to battle inflation. Credit: Onov3065, CC BY-SA 4.0

The value of Bitcoin rose on Friday after a new report found that U.S. consumer prices are growing at the fastest rate since 1982.

The cryptocurrency climbed 4.4% to $50,101 after the report on inflation became public. This surge is also a recovery from last weekend when the coin dropped 21%.

Bitcoin has been promoted in the past as a hedge against inflation, partially because there are a finite amount of its tokens in existence. Hedges are investments that counter risk– which in this case would be the effect inflation may have on the economy.

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