It is no news that Michael Saylor is a diehard advocate of Bitcoin (BTC) as he uses every opportunity he has to encourage the adoption of this cryptocurrency. This time, the CEO of leading business intelligence and the software company MicroStrategy announced to his Twitter followers that the world’s largest cryptocurrency by market capitalization would help them recover what they’ve lost to inflation.
Saylor took to Twitter today to air his thoughts specifically to his followers who feel “robbed by inflation.”
In his tweet, he said, “If you feel robbed by inflation, #bitcoin will give you your money back.”
This tweet raises an essential question of Bitcoin’s role as a possible hedge against inflation.
Bitcoin, The Hedge Against Inflation
The Coronavirus Pandemic had a brutal impact on many economies of the world. In response to this event, the United States provided relief funds for its residents. However, this action only skyrocketed global inflation since it increased the printing of banknotes. Following this event, those with fiats at the bank watched as their money devalued, unable to do anything.
The continuous rise in global inflation has led to the search for a safe way out, and like Michael Saylor, many believe that Bitcoin is the answer. The fixed supply of this cryptocurrency and other factors has prompted many to consider it as a hedge against inflation.
Saylor, one of the big names in this school of thought, is notable for playing a massive role in the increased adoption of Bitcoin.
On February 1, 2022, MicroStrategy bought 125 051 BTC at $3.78 billion. As of the time of this writing, this is worth $5.6 billion. This event confirms that Bitcoin could indeed provide people the needed hedge against inflation. As the adoption of Bitcoin increases, its value will increase as well.
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