The CEO of the Digital Chamber of Commerce has defended Bitcoin as a hedge against inflation amid growing concerns. He noted that the cryptocurrency is “inflation-proof” due to its limited supply. Boring also noted the magnitude of inflationary pressures amid the rise in CPI and PPI data.
Perianne Boring: This cryptocurrency is ideal as an inflation hedge!
Chamber of Digital Commerce CEO Perianne Boring has passionately defended Bitcoin as a hedge against inflationary pressures. Boring’s stance follows recent data releases from the US Bureau of Labor Statistics, which revealed an increase in both the Consumer Price Index (CPI) and Producer Price Index (PPI) figures for February.
Boring declared Bitcoin as the country’s “defense against inflation” due to its limited supply. “This is the tool we need to prevent our hard-earned money from losing its value,” added Boring, CEO of the Digital Chamber of Commerce. Additionally, he called for StopCryptoBan. Boring asked stakeholders to stand against political efforts that impede Bitcoin rights. In this context, the CEO shared the following on X:
Bitcoin is our defense against inflation. It cannot be pressed any further. It is the tool we need to prevent our hard-earned money from losing its value. Let’s not let politicians take away this tool we need more than ever. Stand with us.
The post also included a video in which Boring defended Bitcoin as “inflation-proof.” In the video, he emphasized that the “number one problem” for Americans is the continued rise in inflation.
“Why are you so determined to take Bitcoin off the table?”
Additionally, Boring noted that increased inflationary pressure is affecting middle-class Americans who are struggling to pay survival expenses such as rent, groceries and other expenses. He questioned why politicians were determined to take “inflation-proof” Bitcoin, which would protect Americans against rising spending, off the table.
In addition, he emphasized that pro-crypto and pro-Bitcoin senators have emerged for the reasons mentioned above. Boring highlighted that anti-cryptocurrency Senator Elizabeth Warren has a pro-XRP opponent in John Deaton. Additionally, Pennsylvania Senator Bob Casey Jr., who has advocated for a crypto ban. He also faced a challenge from David McCormick.
Hot CPI and PPI Data
CPI data, which investors eagerly awaited at the beginning of this week, came above expectations. The inflation rate came in at 3.2%, increasing concerns among riptocurrency and stock market participants. This marks the second consecutive month of higher CPI data. Therefore, it led to speculation about the Fed’s response and its effects on monetary policy. The fact that the possibility of a Fed interest rate cut has been pushed back to June and some experts predict a cut until September creates uncertainty about the course of interest rates. CME FedWatch data puts a 25 basis point rate cut in June and a next cut in July at over 60% probability. This reflects the uneasiness of investors.
Against this backdrop, it makes sense for Boring to support Bitcoin as an inflation hedge. It also coincides with growing concerns about traditional monetary policy tools. The CEO emphasizes Bitcoin’s limited supply and its resistance to inflationary pressures from central bank interventions. Boring also urges stakeholders to resist potential regulatory pressures on cryptocurrencies.
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