Elon Musk and Dogecoin founder Billy Markus, also known as Shibetoshi Nakamoto on Twitter, expressed his views on the US inflation rates, which have increased significantly since the beginning of the year.
The subject of the change of the dollar from 1950 to 2021
Earlier, Elon Musk posted a meme-related tweet saying “420 69 increased” due to inflation, which received a lot of endorsements from the Musk community. The post was also spotted by the Blockworks account, which reported its purchasing power of $100 over time. Blockworks shared the following tweet, listing the strength of $100 over the years:
cryptocoin.com According to the tweets we quoted, the dollar has lost 91% of its purchasing power in the last 70 years. The post garnered the support of Elon Musk, who described inflation as “the most regressive tax”, citing the impact of inflation on the wealth of average citizens who could lose 50% of their earnings.
Dogecoin developer joins Elon Musk
Billy Markus, in his sent tweet, added that the mainstream media in the US is trying to cover up the real impact on the country’s economy by saying that inflation is somehow “good”. Two posts that said Bitcoin and other cryptocurrencies “fixed” the inflation problem by launching them with a decentralized, deflationary, or limited aggregate supply attracted a large number of crypto enthusiasts. Earlier, the US Treasury Department had reported unpleasant inflation figures for October, when consumer prices rose 0.8%. The annual inflation rate jumped to 6.29%, almost the 1990s maximum.
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