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Elon Musk Teams Up with Dogecoin Creator to Criticize U.S. Inflation

Mon, 11/15/2021 - 13:14
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Arman Shirinyan
Crypto enthusiasts unite to attack the U.S. inflation rate and media coverage together
Elon Musk Teams Up with Dogecoin Creator to Criticize U.S. Inflation
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Elon Musk and creator of the Doge meme-coin Billy Markus, also known on Twitter as Shibetoshi Nakamoto, expressed their opinions on United States inflation rates that have increased significantly since the beginning of the year.

Previously, Elon Musk has posted a meme-related tweet saying that "420 has gone up by 69" due to inflation, which received a lot of endorsements from Musk's community. The post was also noticed by the Blockworks account that posted the purchasing power of $100 over time.

According to their tweet, the dollar lost 91% of its purchasing power in the last 70 years. The post garnered the support of Elon Musk, who called inflation "the most regressive tax of all," referring to the impact that inflation has on the wealth of average citizens who can lose up to 50% of their earnings.

The Dogecoin developer joined Musk and, in his satirical tweet, added that the mainstream media in the U.S. is trying to cover the real impact of inflation on the country's economy by saying that it is somehow "good."

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Two posts attracted a great number of cryptocurrency enthusiasts, saying that Bitcoin and other digital currencies "fix" the inflation problem by being decentralized, deflationary or issued with a limited total supply.

Previously, the United States Department of the Treasury reported unpleasant inflation numbers for October with consumer prices increasing by 0.8%. The annual inflation rate skyrocketed almost to its 1990s maximum of 6.29%.

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About the author

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.