Measured in Big Macs, Bitcoin's purchasing power is approaching its highest level since the 2017 bull market, offering yet another indicator of the digital currency's rapid appreciation.
The global Bitcoin purchasing power index, or PPI, which measures how many McDonald's Big Mac hamburgers you can buy with 1 BTC, rose 0.2% to 6,341.26 on Wednesday.
Put differently, on average globally, a whole Bitcoin can buy you 6,341.26 Big Macs.
In the United States, based on current prices for both, you can get 3,274.91 Big Macs for 1 Bitcoin.
During the depths of the 2019 bear market, the Bitcoin PPI reached the low 1,200s.
The Bitcoin PPI is based on the famed Big Mac index that was developed by The Economist in 1986 as a way to gauge purchasing power parity across currencies.
Purchasing power is a useful way to measure how many goods and services one unit of money can buy.
Bitcoin's PPI is up more than 41% since the beginning of October.
Over the same period, Bitcoin's price has appreciated 39%, according to TradingView data.
Year-to-date, Bitcoin price is up by 128%. Bitcoin's store-of-value characteristics are perhaps its most compelling use case.
Bitcoin burgernomics: This is how many Big Macs you can buy with 1 BTC
Udgivet den Nov 11, 2020
by Cointele | Udgivet den Coinage
Coinage
Nævnt i denne artikel
Seneste nyheder
Se alt
First Mover: What's Next for Bitcoin as Wall Street Gets Vaccine Booster
Bitcoin was higher for a second day, staying in a range of between roughly $15,200 and $15,600, as news of progress in developing a coronavirus vaccine appeared to touch off a rally in U.S. stocks.
Market Wrap: Bitcoin Fails to Break $15.9K; Over 50K ETH Staked on Eth 2.0 Contract
Bitcoin gained Wednesday while Ethereum 2.0 staking has been ramping up.
Citibank Analyst Says Bitcoin Could Pass $300K by December 2021
A senior analyst at U.S.-based financial giant Citibank has penned a report drawing on similarities between the 1970s gold market and bitcoin.
Blockchain Bites: Data Unions. Hard Forks. And One Citi Analyst's Case for $300K BTC.
A Citibank managing director thinks bitcoin could hit $318,000.