The ongoing bearish pressure affecting bitcoin has created some interesting metrics. The price of consumer goods – when depicted in BTC – has changed dramatically in the past year. However, all of that can be wiped off the chart once BTC becomes bullish again.
Consumer Goods Become Cheaper In Bitcoin
There has always been an interesting correlation between the value of bitcoin and that of consumer goods. The website PricedInBitcoin21 depicts the value of consumer goods in bitcoin, and tracks the overall performance over the past few years. While everything has lost value to BTC in the past three and five years, the past 12 months have proven a tad different.
Thanks to the falling BTC value over the past year, these prices have now become a bit skewed. For instance, a median new house will set one back 20.94 BTC, a 156.73% increase compared to a year ago. The same applies to a median existing house (16.665 BTC, up 130.84%), and an average new car (1.764 BTC, up by 157.79%). Things were a lot more affordable to bitcoiners a year ago, even if those current prices are still more than acceptable.
Unfortunately, the trend extends to more “necessary” consumer goods, such as chicken breasts, ground beef, eggs, bacon, bread, and bananas. These items have become over 100% more expensive in BTC value – although none of them cost over 0.00033 BTC. It is a further testament to how far the bitcoin price has fallen year-over-year, although things can turn around on a dime.
What is even more interesting is how all goods have gone up by another 11.36% in bitcoin cost. More specifically, that doesn’t mean the value of bitcoin alone contributes to these rising prices. All consumer goods continue to become more expensive due to ongoing inflation globally. Combined with a bearish BTC market, it skews the picture even further. Something needs to change sooner rather than later, but it may take a while for that to happen.
What About Precious Metals?
There are many people in the bitcoin world who consider BTC to be the next iteration of precious metals but more suited to the digital age. As such, there is a keen interest in comparing the value of such precious metals to the world’s leading cryptocurrency. Sadly, precious metals, like consumer goods, have shot up in value over BTC, and the rate at which they did so is on par with bacon, eggs, and bread.
More specifically, gold and platinum are up by over 100% in BTC value in the past twelve months. On the other hand, silver and palladium are a tad behind at 84.61% and 95.1%, respectively. A very peculiar trend that further confirms how bitcoin has performed in the past twelve months. It is remarkable to see BTC still valued near $23,000 and still suffer from such setbacks over more “normal” purchases and investments. When the momentum flips in favor of BTC, things will undoubtedly get very interesting.
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