Bitcoin Price Seen Climbing As Surge In Jobless Claims Can Trigger Crypto Rally

Bitcoin, as with other cryptocurrencies, is not a legal tender issued by the government. It is not fiat and therefore won’t give in to inflationary pressures like the one being experienced in the United States today.

Inflation is an economic situation where the value of money drops. It is during this period when people seek better store of value.

Digital currencies such as Bitcoin are considered to be counter-inflationary assets, acting as hedge against the damaging effects of a local currency’s inflation.

Therefore, it only makes sense to believe that the largest crypto by market capitalization, along with its fellow cryptocurrencies, will benefit during this time when countries such as the U.S. struggles with economic turmoil.

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