Bitcoin Hits Musk Target Price, 6.2% Inflation And Dorsey Starts “Twitter Crypto”

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Last Updated on 11 November 2021 by CryptoTips.eu

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / jeroen@cryptotips.eu
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Bitcoin briefly touched $69k, the value that Elon Musk had jokingly shared as a meme a few weeks ago, US inflation soared to hit 6.2% in October and Jack Dorsey continued his mission to expand Twitter towards cryptocurrencies, starting Twitter Crypto.

The crypto market is witnessing some profit taking today after it saw Bitcoin hit a new ATH and several coins are down some 5% this morning.

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Inflation tax

One of the reasons for the spike in Bitcoin prices was that over in the US, the Washington Post grudgingly admitted that prices had risen some 6.2 percent compared to a year ago, the highest increase in inflation seen in some 30 years. No chance of FED chair Jay Powell now of still claiming this is only temporary.

Democratic Senator Joe Manchin captured the mood best, stating:

By all accounts, the threat posed by record inflation to the American people is not “transitory” and is instead getting worse. From the grocery store to the gas pump, Americans know the inflation tax is real and DC can no longer ignore the economic pain Americans feel every day.

Crypto is not hit with inflation as most major coins are capped at a certain number. For Bitcoin this number is 21 million. While fiat currencies like the Euro or Dollar can just turn on the printer and deflate themselves, Bitcoin is limited and therefore inflation has no impact.

It is eye-opening to see the price react so spectacularly in this way.

Simon Peters, of trading platform eToro explained.

Twitter Crypto

Jack Dorsey, who was recently battered in US classic media for warning over possible hyperinflation is meanwhile accelerating the move of his social media towards crypto, starting a dedicated Twitter crypto team.

Tess Rinearson, who’ll be officially leading ‘Twitter crypto’ said her team would:

Be exploring how we can support the growing interest among creators to use decentralized apps to manage virtual goods and currencies, and to support their work and communities.

AdriaVidal / Depositphotos.com