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© Ink Drop Bitcoin Jumps Over $50K Rallying on the Highest Inflation in 40 Years
On December 10, Bitcoin (BTC) surged over $1,000 as the U.S Consumer Price Index (CPI) data disclosed inflation in November was worse than expected. In addition, data from TradingView showed BTC/USD running to $50,132 on Bitstamp.
Bitcoin rallying on announcement of the highest inflation in 40 years. pic.twitter.com/BHQTnKpxdB— Pomp (@APompliano) December 10, 2021
CPI had been hotly awaited by both crypto and traditional finance analysts alike, with options favoring at least a 6.7% year-on-year increase for November and even 7%. The numbers broadly conformed to conservative guesses in the event, reaching 6.8%. In fact, the CPI outcome is at its highest in almost 40 years.
Therefore, Bitcoin’s short-term successes did not last long. At the time of writing, BTC/USD is back to $48,914.82.
Meanwhile, Bloomberg Senior Commodity Strategist Mike Mcglone predicts 2022 to be a prosperous year for Bitcoin and gold. He assumes that BTC will beat $100,000, while the precious metal will trade at $2,000.
$100,000 #Bitcoin, $50 #Oil, $2,000 #Gold? 2022 Outlook in 5 Charts – Peaking commodities and the declining yield on the Treasury long bond point to risks of reviving deflationary forces in 2022, with positive ramifications on Bitcoin and gold. pic.twitter.com/j3VNAOCwuz— Mike McGlone (@mikemcglone11) December 9, 2021
In addition, the American dollar is slowly losing its purchasing power Bitcoin is considered by many as the exact opposite. At the same time, Mike McGlone predicted that “deflationary forces” will prevail next year and inflation will stop spreading across the globe.
Likewise, the process can help Bitcoin to tap a significant milestone in its USD development of $100,000. Similarly, the same factor will cause gold to climb to $2,000 and oil hit $50, according to McGlone.
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