City of Jackson Mayor Scott Conger has backed bitcoin following inflation concerns
The City of Jackson Mayor recently expressed his thoughts on Twitter, backing bitcoin as the dollar continues to decline in value through inflation.
The mayor expressed his concerns on the social media platform, saying, “Why do we accept inflation? Why don’t we demand more from our federal government? 6.3% in 2 years. 172.8% in my lifetime. Every year, our dollar is worth less. There is no rebound. There is only 1 fix for this… Bitcoin.”
Following his comments, Conger stated further that the city’s blockchain task force is “looking into how the City of Jackson can accept property tax payments in bitcoin and allow our employees to dollar-cost-average (DCA) in bitcoin.”
The accelerated risk of inflation following the Covid-19 pandemic has slowly begun to grab the attention of people within the U.S. Conger strongly believes bitcoin could be the answer to alleviating the risk of inflation if it continues at its current rate.
Bitcoin offers a strong case against inflation
Conger is not the first to use bitcoin as a potential answer for inflation. New York City Comptroller Candidate Reshma Patel has also previously stated that he wants the city to invest in cryptocurrencies and blockchain-based companies. Patel stated that she wants New York City pension funds to allocate between one and three percent to crypto.
Patel added that cryptocurrencies could help diversify the city’s pension fund. For example, as a long-term hedge against inflation, or if public markets go south, “and the S&P goes down.” In those instances, she believes “investing in crypto would be a really wise thing.”
Countries such as Venezuela have already considered bitcoin as a hedge against inflation. Economist Asdrúbal Oliveros of Caracas-based consultancy Ecoanalítica said “Many Venezuelans are using bitcoin to convert their bolívares, which are being devalued by hyperinflation, to keep something of value.”