Comments Off on Bitcoin Bull Runs as Inflation Jumps
Inflation has seen a big spike with food prices rising 4.5% in June and more than 4% last month in the United States.
In China they increased 13.2% last month following sever floods, while in Europe there hasn’t been much of a change with food inflation at 2.5%.
In addition both America and Europe are getting poorer and significantly so, but quite astonishingly China has seen no change in GDP despite initiating the economic crash.
America’s GDP has fallen by some $1.5 trillion, and that’s for just the first half of the year, shelving all gains of more than two years in economic growth.
Europe isn’t doing much better, losing some $1.2 trillion in GDP while continuing to scaremonger despite all these crashing measures appearing to have no effect as Sweden continues to prove fully.
UK is still in Europe, so this GDP plunge is solely due to the elected deciding to crash the economy ostensibly to copy China’s lockdown measures, yet for some reason the Chinese economy seems to not have been affected at all.
China’s GDP has barely seen any movement because all the rest were and are plunging.
That indicates they may have taken only some small symbolic measures to cause panic and confusion in the West while keeping their economy largely open except for Wuhan.
Once they got to miners, days after they effectively declared this was all over, while our elected politicians went on and on with propaganda and keep going on and on despite admitting they lied about the figures and despite the clear A/B test of Sweden showing they probably just got fooled.
So now they keep printing money which lowers the exchange rate and thus makes imports more expensive with much of America and Europe importing from China primarily a lot more than they export.
That then can lower the GDP even more while making food and goods more expensive, leading to a flight to bitcoin safety:
Bitcoin has further risen by about $500 today to a brief $12,500 with it seemingly maintaining its gains for now.
Gold has surpassed all time high and that too seems to be generally maintaining its gains, with hard assets naturally becoming more expensive now.
For how long this will continue remains to be seen but numerous factors seem to be making bitcoin somewhat bullish.