Still stinging from Friday's inglorious consumer price report that showed inflation rising, crypto investors spent much of the weekend in a defensive crouch...Inflation is more desirable than deflation, a CoinDesk contributor wrote. JPRubin23 writes
Cryptocurrency evangelists trumpet digital assets’ ability to hold if not decrease the price of goods and services more loudly than perhaps any other of their benefits.
in prices, the highest in more than four decades, only heightened fears that central banks’ more hawkish monetary policies were failing to lower costs or prevent a recession.Friday, Paul Brody, the global blockchain leader for consulting powerhouse EY and a CoinDesk contributor, asserted that inflation is preferable to deflation and that the current spike in prices is temporary.
“The theory is appealing: If you have crypto and the rate at which new crypto is added goes to zero or starts to go negative, the value of your crypto should rise,” he writes. “The hidden assumption in there is that demand for said crypto remains the same or goes up.” Brody notes that consumers in times of deflation are more likely to hold currency that they expect will gain value over time, boosting savings but sinking demand for products and services, while during inflation, they are apt to spend. But he also makes the key point that perfect price stability is “an impossible and unreasonable target.”
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