Bitcoin Big Mac Index breaks the history record at below 10,000 Satoshi – CryptoGo!

Bitcoin Big Mac Index breaks the history record at below 10,000 Satoshi

0
This post was originally published on this site

According to the Big Sats Index, the price of a single McDonalds burger is less than 10 000 satoshis, which is the lowest it has ever been. For the first time in history, Bitcoin has been compared to food. Both Bitcoin and gold are at their low levels. From on-chain analytics data on March 17, the Big Sats Index indicated that a United States McDonald’s Big Mac cost less than 10,000 satoshis for the first time.

The Big Mac Index

The Big Sats index compares to the Big Mac Index and can be used to determine Big Mac’s price. The Big Mac Index has been used since 1986 to assess the strength of different fiat currencies. In this aspect, it has been used as a go-between between Bitcoin and food. According to the Bitcoin Standard, Bitcoin brought about the trillion-dollar forex market and the rise of the nutritionally controversial burger. This also led to the replacement of the gold standard.
Ecoinometrics suggests a whole Bitcoin at around $60,000 can buy 10,402 Big Macs. A single burger, on the other hand, costs 9,614 satoshis. Back in March 2020, a Big Mac cost over 100,000 satoshis. In June 2016, the price was about 1 million satoshis, which was the highest – in November 2020, 1 BTC was the equivalent of over 3000 burgers.

Crypto Wins

There is no doubt that Bitcoin cannot be compared to a fiat currency because of the supply limits. Big Sats data has brought out the whole concept openly. The pandemic made governments push for increasing the money supply of their national currencies. The constant increase in Bitcoin price has made many companies and investment firms integrate it into their systems. MicroStrategy Stock(MSTR) is one of the companies that have embraced Bitcoin, making it get lucrative gains.

Image by MP Grace from Flickr.

Read full article on CryptoUnit.com >>

Original post: Bitcoin Big Mac Index breaks the history record at below 10,000 Satoshi