Michael Saylor, CEO of MicroStrategy Incorporated MSTR, took to Twitter Inc TWTR to comment on the latest annual inflation data and what it means for Bitcoin BTC/USD.
What Happened: Following the onset of the COVID-19 pandemic in 2020, the U.S. government injected a large amount of money into the U.S. economy causing hyperinflation. Consequently, the U.S. economy is currently facing macroeconomic fears of an impending recession.
The latest CPI data revealed inflation to be at 9.1%. Saylor commented on this statistic, highlighting the importance of Bitcoin BTC/USD. In a recent tweet on July 13, Saylor emphasized how currencies persist to weaken against the dollar.
“Annual Inflation in USD CPI is +9.1%, Other currencies continue to weaken against the dollar: YoY USDAUD is +10%, USDGBP is +16%, USDEUR is +17%, USDJPY is +24%, USDTRY is +102%,” he stated.
Saylor continued in the tweet, “It is just a matter of time before the world discovers 1 BTC= 1 BTC,” shedding light on Bitcoin as the strongest hedge against inflation.
Following the recent plunge in cryptocurrency prices, MicroStrategy has continued to collateralize its Bitcoin positions. Regardless of the current price action — Bitcoin is at $20,563.32 on Thursday afternoon, not quite at its 52-week low of $17,708.62 — Saylor remains unwavering on his commitment to the crypto.
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