News

November 2021: Inflation looms, Crypto booms

December 14, 2021

Over the summer months and continuing into fall, the buzz and concerns of “inflation” reverberated throughout the news and media cycles. For the first time in decades, consumers seem to be cognizant of the possibilities of inflation. It is unclear whether inflation will be transitory or become the new reality due to expansionary monetary policies from the world’s central banks.

Coincidently, Bitcoin completed the Taproot upgrade this month. Taproot is the network's most significant upgrade in 4 years. The focus of this upgrade was to improve efficiency and privacy of Bitcoin transactions, and open up the potential of smart contracts on the network. The rally in Bitcoin seen in October can be in part attributed to the anticipation and successful completion of this upgrade.

In either case, Bitcoin and other cryptocurrencies with an algorithmically controlled, transparent money supply provide an attractive hedge against the loose monetary policies of fiat currencies, and are laying the groundwork for a new decentralized financial industry. So despite inflation looming over our economy, we saw a strong crypto cycle during the month of October.

CkSum views cryptocurrencies as a hedge against inflation and expects to see significant growth in the coming months.

- James Dougal, CEO