The Federal Reserve is being mocked by crypto Twitter for trying to use the cost of eggs to show the volatility of Bitcoin compared to the greenback. However, its charts show the slow devaluation of the USD over time.
The report did not stipulate whether the price of eggs had increased or the dollar had devalued, or both, as causes for the trend.
"What would the graph look like if we purchased that same carton of eggs with bitcoins instead of U.S. dollars?"It also drew attention to Bitcoin’s transaction fees, which it says can fall between $2 and $50. “Plus, you’d need to add a bitcoin transaction fee, which has been about $2 lately, but which can spike above $50 on occasion. Hopefully, if you were making this purchase with bitcoin, you’d put many many more eggs in your basket,” it wrote.
The Fed wrote a post showing the price of eggs in USD and Bitcoin, comparing them over the last year, showing Bitcoin as more volatile and unpredictable.
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