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Inflation in Spain exceeds 10%, while Bitcoin gains followers

Crypto, Bitcoin
Published 2 weeks ago
ID #1815
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Inflation in Spain exceeds 10%, while Bitcoin gains followers
Crypto, Bitcoin,
Published 2 weeks ago


Advance estimates of the Consumer Price Index - CPI indicate that annual inflation in Spain for the month of July 2022 has risen to 10.8%.

The inflation index of the Iberian country is above the 10.2% reached last June, when it registered a historical mark not seen in 37 years.

The current figure represents a maximum of almost 38 years, since September 1984. This growth, which is significantly affecting investors in traditional markets,

There he states that, due to the rise in inflation, the financial market stress indicator went to the highest levels at the end of the first half of this year.

The stress indicator is a figure that provides a real-time measure of the systemic risk of the financial system. The mark ranges from 0 very low stress to 1 very high stress.

According to the CNMV at the end of June and so far in July 2022, the indicator is above 0.5, giving a signal of high stress in the market.

The indicator started at 0.24 and ended the semester at an annual maximum of 0.501, which corresponds to a high stress level, somewhat above the upper threshold of the average stress level. Two maximums were recorded in the semester, 0.47 and 0.50, reached at specific moments of high uncertainty.

--CNMV Financial Stability Note.

The two maximums of the stress indicator observed by the CNMV 0.47 at the beginning of the year and the most recent of 0.50, correspond to critical situations in the Spanish economy. These are situations experienced by investors as moments of great uncertainty.

The first peak of the indicator occurred with the start of the war in Ukraine in February 2022. While the second – the highest – has occurred in recent months, after a more advanced and intense tightening of monetary policy than expected.

Bitcoin, the other side of the coin

In the midst of the uncertainty and stress that the inflationary scenario is generating among a large part of the Spanish population and among investors, Bitcoin shows another side of the crisis.

This is what bitcoiners and companies linked to the ecosystem that have been settling in the European country point out. This is the case of Enrique de los Reyes, representative of Bitbase, who observes that many Spaniards have seen in the current situation an opportunity to continue growing.

The Bank admitted that 12% of Spanish adults own crypto assets. He also located the economy of Spain as one of the most active with cryptocurrencies.

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