The costs of goods and services are soaring in the United States while salaries stay stagnant. The US Department of Goods and Labor announced that the level of inflation has reached a 30 year high and could continue on this trend.
Price hikes can be seen across the board with increases to energy, shelter, food, used cars and trucks, and new vehicles. The energy index alone has risen almost 5% in the last month and the cost of gasoline has increased over 6%.
Many Americans will begin to feel the squeeze as prices continue to grow on consumer goods. Even more frightening is the rate at which items are increasing. According to the report, the inflation numbers by month continue to rise.
In September there was a 4% rise, while October saw an increase of double that. With many businesses struggling post Covid-19, with an increase in debt limits and infrastructure bills, many wonder where this will end.
The inflation numbers have been rising for a few years now but have been expounded by Covid-19 which saw more money being printed by the federal reserve than ever before. As the latest inflation numbers were released, Bitcoin and Ethereum surged to new all time highs.
Bitcoin and Ethereum have been looked at as a saving mechanism against inflation in the US. While the US dollar can be printed at endless amounts, there will only ever be 21 million Bitcoin.
Ethereum has also switched a deflationary currency as the London update includes burning of Ether to greater quantities than it is being created. When the merge of Ethereum and Ethereum 2.0 happens, there will no longer be any inflationary aspect to the digital asset.
Recent studies have found that many of the younger generation trust digital currencies over traditional ones, and the demand and adoption for Bitcoin and Ethereum continue to grow.
It is important for everyone to find a way to hedge against this inflation. The value of the US dollar will continue to decline if the trend prevails.
Many worry that this inflation is systemic and will continue. The number of people looking toward crypto assets as a method to hedge against the growing inflation continues to rise.
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