Elon Musk Teams Up with Dogecoin Creator to Criticize U.S. Inflation



Arman Shirinyan

Crypto enthusiasts unite to attack the U.S. inflation rate and media coverage together

Elon Musk and creator of the Doge meme-coin Billy Markus, also known on Twitter as Shibetoshi Nakamoto, expressed their opinions on United States inflation rates that have increased significantly since the beginning of the year.

Previously, Elon Musk has posted a meme-related tweet saying that “420 has gone up by 69” due to inflation, which received a lot of endorsements from Musk’s community. The post was also noticed by the Blockworks account that posted the purchasing power of $100 over time.

According to their tweet, the dollar lost 91% of its purchasing power in the last 70 years. The post garnered the support of Elon Musk, who called inflation “the most regressive tax of all,” referring to the impact that inflation has on the wealth of average citizens who can lose up to 50% of their earnings.

The Dogecoin developer joined Musk and, in his satirical tweet, added that the mainstream media in the U.S. is trying to cover the real impact of inflation on the country’s economy by saying that it is somehow “good.”

Two posts attracted a great number of cryptocurrency enthusiasts, saying that Bitcoin and other digital currencies “fix” the inflation problem by being decentralized, deflationary or issued with a limited total supply.

Previously, the United States Department of the Treasury reported unpleasant inflation numbers for October with consumer prices increasing by 0.8%. The annual inflation rate skyrocketed almost to its 1990s maximum of 6.29%.





Read Full Article

Latest articles

Cardano, Dogecoin, Avalanche Price Analysis: 8 December

As the broader trend swayed in favor of the sellers, the crypto market was in red in the last 24 hours. As a...

Weekend Volatility Awakens Bitcoin Buyers, Active Addresses

Following the volatility of the weekend, Bitcoin holders seem to have woken up as active addresses break one million. Number Of Active Bitcoin Addresses...

Crypto Analyst Says Bottom Is In for Two Altcoins, Predicts V-Shaped Recovery for Bitcoin and Ethereum

A popular crypto analyst and trader says several crypto assets on his watch list have survived the recent market-wide pullback and are now...

Hathor Network: Building a Scalable Blockchain Infrastructure for a Decentralized Solution

GEORGE TOWN, CAYMAN ISLANDS / ACCESSWIRE / December 8, 2021 / The world has witnessed a number of innovations in the past decade,...

Related articles

Leave a reply

Please enter your comment!
Please enter your name here