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Inflation Pushes Bitcoin to $85,000

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by Giorgi Kostiuk

4 hours ago


Bitcoin hits a new high of $85,000 for the first time since March, coinciding with rising inflation expectations and economic instability.

Bitcoin's Record Achievement

On Friday, Bitcoin experienced a significant price increase, reaching $84,422 on the Bitstamp exchange. This marks the first time since March that the leading cryptocurrency has reached close to the $85,000 mark.

Factors Influencing Inflation Expectations

A recent survey by the University of Michigan revealed that inflation expectations have soared to the highest level since 1993. Year-ahead inflation expectations have increased from 4.9% to 4.3%. This dynamic is associated with international tariff tensions, which have negatively impacted the stock market recently.

Bitcoin's Role in Modern Economic Conditions

Despite being advertised as an inflation hedge, Bitcoin has recently demonstrated characteristics of a risky asset. However, it can still show unexpected movement from time to time. The Nasdaq-100 has fallen by over 11% in the past month, but has gained 2.36% on Friday. Meanwhile, gold reached a record high of $3,004, showcasing a more stable growth this year compared to Bitcoin.

Bitcoin will continue to be a focus as an inflation hedge, despite its recent susceptibility to market fluctuations and its weaker performance compared to gold.

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