Most Americans Aren’t Doing Anything About Inflation; Can Bitcoin Help?

Paigambar Mohan Raj
Source: Vremaroiu Alin, Medium

A recent survey by Gold IRA Guide has brought into light how Americans are preparing themselves against inflation. While some Americans have bought into assets such as Bitcoin, gold, and real estate, the survey found that a majority of them have not taken any action.

The United States’ inflation rate has reached an all-time high of 8.5 percent. It’s the highest in 40 years, according to reports. Although over 90% of Americans have expressed concern over rising inflation, the Gold IRA Guide’s report has found that 79.1% of Americans have not taken any action in the same regard.

According to the survey, 9.4% of Americans have diversified with precious metals such as gold and silver. 5.3% have bought into real estate and 4.9% have delved into cryptocurrencies such as Bitcoin and Ethereum. And lastly, only 1.4% of Americans have diversified with treasuries (TIPS), an asset designed to protect against the effects of inflation.

Source: GoldIRAGuide

This sure is quite a revelation, given that in April the Washington Post and ABC News found that 94% of Americans were concerned and upset about inflation.

Can Bitcoin come to the rescue?

Bitcoin has been considered a hedge against inflation by many, this includes veteran traders, who are well versed in such experiences.

Paul Jones Tudor, the billionaire hedge fund investor, most famous for accurately predicting the 1987 Black Monday crash, has said that his favorite hedge against inflation is Bitcoin (BTC).

In a recent interview with CNBC, Tudor said,

“It’s hard to not want to be long on crypto because of the intellectual capital that’s going into that space.”

In another interview with CNBC, Bitcoin maximalist, Micheal Saylor called Bitcoin the “perfect” asset for retirement plans. Saylor’s MicroStrategy is collaborating with Fidelity to include bitcoin in its 401(k) plan.

Juan M. Villaverde, the editor of Weiss Crypto Portfolio and Weiss Crypto Investor, recently wrote an article which was titled,

“Crypto Is Still a Solid Hedge Against Inflation’s Runaway Freight Train.”