The CEO of Chamber of Digital Commerce, Perianne Boring, has passionately advocated Bitcoin (BTC) as a hedge against inflationary pressures. Boring’s stance comes in the wake of the latest data releases from the U.S. Bureau of Labor Statistics, which revealed a surge in both Consumer Price Index (CPI) and Producer Price Index (PPI) figures for February.
Perianne Boring Endorses Bitcoin As Inflation Hedge
In a recent post on X, Boring declared Bitcoin as the country’s “defense against inflation” due to its limited supply. Chamber of Digital Commerce CEO Boring added, “It’s the tool we need to guard ourselves from losing value of our hard earned money.” Moreover, she urged to #StopCryptoBan and asked stakeholders to stand against political endeavors that hinder Bitcoin rights.
Boring wrote, “Let’s not let politicians strip this away when it’s needed more than ever. Stand with us.” The post also had a video wherein Boring advocated Bitcoin as “inflation proof” in a Bloomberg live stream. In the video, she emphasized that the “number one problem” for Americans is a consistent rise in inflation.
Furthermore, Boring noted that the rising inflationary pressure has been affecting middle class Americans who are struggling to pay survival expenses like rent, grocery, and other expenditures. Moreover, she questioned as to why politicians are adamant on taking the “inflation proof” Bitcoin off the table, which would protect Americans against surging expenses.
In addition, she highlighted the emergence of pro-crypto and pro-Bitcoin senators due to the above-mentioned reasons. Boring underscored that the anti-crypto Senator Elizabeth Warren has a pro-XRP challenger, John Deaton. Furthermore, Pennsylvania Senator Bob Casey Jr., who advocates a ban on crypto, has faced challenge from David McCormick.
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Hot CPI & PPI Data
The CPI data, eagerly awaited by investors earlier this week, revealed a higher-than-expected inflation rate of 3.2%, exacerbating worries among crypto and stock market participants. This marked the second consecutive month of elevated CPI readings, prompting speculation about the Federal Reserve’s response and its implications for monetary policy.
With the probability of Fed rate cuts pushed back to June, and some experts forecasting cuts as late as September, uncertainty looms over the trajectory of interest rates. The CME FedWatch data reflects investor unease, with over 60% odds of 25 basis points rate cuts in June and a subsequent cut in July.
The PPI inflation data added another layer of concern, indicating a notable increase of 0.6% in February, surpassing analyst expectations. This surge in wholesale inflation underscores the broader inflationary pressures pervading the economy, further intensifying the debate over the Fed’s policy response.
Moreover, the S&P 500 experienced a decline of 0.2%, while the NASDAQ Composite dropped by 0.5% on Thursday after hot PPI data. Whilst, the Dow Jones Industrial Average remained steady with an increase of 37 points, equivalent to a 0.1% rise.
Against this backdrop, Boring’s endorsement of Bitcoin as an inflation hedge resonates with growing concerns around traditional monetary policy tools. The Chamber of Digital Commerce CEO emphasized Bitcoin’s finite supply and resistance to inflationary pressures stemming from central bank interventions. Moreover, Boring urged stakeholders to resist potential regulatory crackdowns on cryptocurrencies.
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