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Elon Musk Joins Dogecoin Creator to Condemn US Inflation

cryptoknowmics.com 16 November 2021 06:54, UTC

Elon Musk joins Dogecoin Creator to condemn US inflation. Crypto follower – Elon Musk teams up with Dogecoin Creator to strike the US inflation rate and media coverage conjointly.

Elon Musk expresses his opinion on US inflation

Entrepreneur and business magnate Elon Musk along with Doge meme coins developer Billy Markus, popularly recognized on Twitter as Shibetoshi Nakamoto, expressed their perspectives on United States inflation rates that have escalated significantly right from the beginning of 2021.

Earlier, Elon Musk shared a post on Twitter. His meme-related tweet was acclaimed, "Due to augmentation 420 has gone up by 69". This tweet received a lot of support from Musk's community. Blockworks account that posted the purchasing power of $100 over time also noticed this post.

Eying their tweet, one can notice that the dollar lost 91 percent of its purchasing power in the last 70 years. The post stowed the support of Elon Musk, who bellowed inflation "extremely regressive tax of all". This also entrusted the effect of inflation on the wealth of average citizens who can lose up to 50 percent of their earnings.

Commenting on digital currencies

The Dogecoin developer Billy Markus appended Musk. His mocking tweet adds, "The mainstream media in the U.S. is attempting to overspread the factual impact of inflation on the country's economy." According to Billy Markus, "it is somehow good".

Two posts enticed a huge population of cryptocurrency admirers commenting that digital currencies such as Bitcoin "fix" the inflation issue. Because crypto-assets are decentralized, deflationary means they're issued with a limited total supply.

Earlier, the United States Department of the Treasury outlined awful inflation numbers for October with consumer prices increasing as high as 0.8 percent. The annual inflation rate accelerated almost to its 1990s maximum of 6.29 percent.

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