Fed forgets long-term dollar devaluation when pricing eggs in BTC
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The U.S. Federal Reserve has released a blog post showing the instability of Bitcoin against the U.S. dollar when buying eggs, however, the crypto community was quick to point out the reality of the situation.
The St. Louis Federal Reserve stirred up a mix of amusement and curiosity from the crypto community on Tuesday, May 7, after publishing a post showing how the cost of eggs in Bitcoin (BTC) has fluctuated over the last 14-months compared to the U.S. dollar.
On June 6, the Fed research arm posted a blog post titled “Buying eggs with bitcoins - a look at currency-related price volatility.”
The FRED Blog compares egg prices in U.S. dollars vs. bitcoins. Check out the post to see which prices are more stable
It then follows this up with a graph showing how Bitcoin has behaved in the same time period, noting that the price fluctuated “much more than it did for the U.S. dollar price.”
The report did not stipulate whether the price of eggs had increased or the dollar had devalued, or both, as causes for the trend.
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