Here is how crypto influencers reacted to the latest CPI report

Key Takeaways:

  • The Consumer Price Index (CPI) in the US for the month of June was 9.1%
  • The figure is more than the Dow Jones estimate of 8.8%. 
  • Several crypto influencers have reacted to the report
Crypto influencers were among those that took to social media to react to the latest Consumer Price Index (CPI) report.
Crypto influencers have reacted to the inflation report for June. Image by Gerd Altmann from Pixabay 

YEREVAN (CoinChapter.com) — Crypto influencers were among those that took to social media to react to the latest Consumer Price Index (CPI) report.

According to the inflation report by the United States Bureau of Labor Statistics, CPI in June jumped by 9.1% from a year ago. This marks the fastest pace for inflation since 1981. It is also above the Dow Jones estimate of 8.8%. 

The CPI represents a broad measure of everyday goods and services that helps to determine the customers’ cost of living.

As CoinChapter reported, the fast-growing inflation threatens the Bitcoin (BTC)-led cryptocurrency market. Therefore, it is no surprise that the CPI report draws the crypto community’s attention. 

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Michael Saylor of Microstrategy campaigns for Bitcoin

Michael Saylor, the CEO of business intelligence firm MicroStrategy remains bullish on crypto. Following the whopping 9.1% inflation rate, Saylor did not miss the opportunity to speak about how valuable Bitcoin (BTC) is. 

“Other currencies continue to weaken against the dollar… It is just a matter of time before the world discovers 1 BTC= 1 BTC,”

 he wrote in reaction to the CPI report. 

Saylor is one of the most vocal supporters of digital assets, especially Bitcoin. His firm had constantly added BTC to its portfolio when its price dipped. However, the ongoing market crash, which fueled a massive Bitcoin sell-off, had put the firm at the risk of bankruptcy

At the time of writing, MicroStrategy holds 129,698 Bitcoins. According to Bitcoin Treasuries, it is the largest holder among companies, ahead of Elon Musk-led Tesla. 

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Ben Armstrong and Antony Pompliano stunned at the CPI report 

Popular crypto influencer and YouTuber Ben Armstrong was shocked at the high inflation rate in the CPI report. The BitBoyCrypto founder had shot out a confident tweet, predicting an 8.8% inflation.

However, the report threw cold water at his hopes of being right.

“Wow 9.1% and rate of increase moving up drastically. Utter embarrassment,” 

he tweeted later. 

His YouTube Channel, which he founded in February 2018, has over 2.4 million subscribers. 

Another active influencer who expressed his shock at the latest CPI report was Antony Pompliano. With millions of followers, the serial investor and entrepreneur slammed the inflation as “unreal.”  

“The cost to eat at home has increased more than 12% over the last year. This is completely unsustainable for the average American family,” 

Pompliano, who also produces the crypto newsletter “Off the Chain,” wrote on Twitter. 

Pompliano has over $1.5 million followers on YouTube. His impressive portfolio of investments includes cryptocurrency firms like BlockFi and Coinbase. 

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Were the markets prepared for this? 

Following the Bureau of Labor Statistics inflation report, the price of Bitcoin (BTC) dropped under $19,000 for some time. However, the bulls held firmly to their grounds, not allowing disastrous implications. The price soon recovered to sit just above the $20,000 mark.

As crypto analyst Michaël van de Poppe pointed out, the leading cryptocurrency by market cap performed quite well after the CPI report. 

However, Poppe hinted that the Federal Reserve could raise interest rates by 1% later in July. 

“The expectations are getting worse and worse going into the FED meeting, while PCE was lower than expected earlier. That’s going to be key trigger later this month, but looks like we’ll be having some relief at least (and potentially weakness on $USD),” 

he tweeted

Analyst Lark Davis was also surprised at the minimum impact the incident had on prices. He also did not expect inflation to be so high. 

Meanwhile, Binance founder Changpeng Zhao argued that the 9.1% inflation is “magically low.” Zhao based his argument on reports claiming that the Treasury Department printed 80% of USD in circulation in the last two years.

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President Joe Biden under attack for CPI report

US President Joe Biden has been attacked for yet another disappointing CPI report. Since he took office in January 2021, inflation in the country has gone from 1.4% to 9.1%. 

“Consumer prices spiked 9.1% – a new 40-year high. So what’s Biden’s excuse this time? That inflation has “peaked.” Why does that sound familiar? It’s an old excuse. Biden claimed inflation had “peaked” after December’s CPI was 7%,” 

Tommy Pigott, Rapid Response Director at Republican National Committee slammed the President. 

Tom Emmer, the Republican Congressman from Minnesota, also amplified the attack on Biden. According to him, the actual inflation rate is even more than the 9.1% published by the Bureau of Labor Statistics. 

Long-time Bitcoin critic and gold maximalist Peter Schiff shared the sentiments of Congressman Emmer. 

According to him, the actual inflation is double what the authorities claim.

“What if instead of talking about 9.1% inflation, the media acknowledged the true rate of inflation of about 18%?” 

Schiff wrote. 

While politicians, crypto influencers, and investors try to play the ‘blame game,’ everyday consumers find their savings and assets diminished in value. As a result, it will be clear at the end of July if a 1% rate hike by the Fed is on the cards. 

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