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How does high inflation impact crypto prices?
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When there is high inflation, it can actually have a positive impact on crypto prices. Cryptocurrencies like Bitcoin are often seen as a hedge against inflation because their supply is limited and not controlled by any central authority like traditional currencies. As inflation erodes the purchasing power of fiat currencies, investors may turn to cryptocurrencies as a store of value. This increased demand during times of high inflation can drive up crypto prices. So, in a nutshell, high inflation can potentially lead to higher prices for cryptocurrencies.
