Santiment data has revealed the top trending topics in the world of cryptocurrency on social media. These include discussions about a potential Bitcoin exchange-traded fund (ETF), the Consumer Price Index (CPI), and inflation.
At the moment, the most talked-about topic among crypto enthusiasts is the possibility of a Bitcoin ETF being approved, which many believe will lead to a surge in the market as it becomes more accessible to regulated financial institutions. However, this excitement was dampened when a report suggested that the United States Securities and Exchange Commission (SEC) may reject all Bitcoin ETF applications this month, causing a 10% drop in Bitcoin’s price. Despite this, the topic of Bitcoin ETFs continues to dominate the conversation in the crypto community, prompting a reexamination of the core principles of cryptocurrency.
One such principle is the concept of the CPI and inflation, which is a return to the roots of the movement. Bitcoin emerged as a response to the exploitative nature of the traditional monetary system, where value is created out of thin air and the masses are left vulnerable to inflation. This topic has been brought back to the forefront of discussions in the crypto community, particularly in light of the 50th anniversary of the US’s departure from the gold standard, which removed caps on inflation. This decision also resulted in a disconnect between the growth of gross domestic product (GDP) and wages, with income growth slowing down.
Bitcoin was created as a reaction to the consequences of banking mismanagement and fractional reserve banking, which led to private gains and public losses. This intention was immortalized in the first-ever block of Bitcoin, which included a headline about the Chancellor on the brink of a second bailout for banks. Today, the crypto community continues to highlight the flaws of the current economic system, particularly in terms of rising consumer prices and inflation. According to the United States Bureau of Labor Statistics, prices have increased by an average of 3.1% in the past 12 months, with food prices increasing by 2.9% and all other items by 4%.
Moreover, the US Inflation Calculator suggests that the value of the US dollar has decreased by 18.6% since 2020, meaning that an item purchased for $100 in 2020 would now cost $118.6. In light of these issues, the crypto community is reaffirming the belief that Bitcoin is not only a store of value but also a hedge against inflation.
Stay updated on the latest news and trends in the crypto world by following us on Google News.