The Fed is Officially Scared of Bitcoin (Or Quietly Trying to Endorse it)
Marty Bent has some great takes on the latest from the non-federal Federal Reserve’s recent blog post which actually affirms Bitcoin and makes them look as ridiculous as they are
The Fed is officially scared of bitcoin (or quietly trying to endorse it)
“The comedians over at the St. Louis Fed dropped a blogpost earlier today that compared the fluctuation of eggs prices in US dollars and sats from the beginning of 2021 through April of this year. It seems like an attempt to dunk on bitcoin, but if you look closely at the charts you’ll see that the overall inflation rate of eggs over the cherrypicked timeframe is lower in sats (44.3%) than it is in dollars (71.9%). Sure, bitcoin’s price did fluctuate more rapidly over the timeframe, but if the Fed is going to cherrypick data, we here at TFTC are going to do so as well to prove why this isn’t the most accurate representation of the situation.
If the Fed were to be more honest – and get their heads out of the gutter of short-termism – they would share what they shared above, but also zoom out a bit (as is made possible on the very page of the attempted dunk) to give their readers a more accurate depiction of the deflationary tendencies of bitcoin over longer periods of time and compare it to the US dollar. Since they were unwilling to do it in their blogpost, we will share that information with you in our rag today.”