Indeed, anyone interested in the price of regular goods (e.g. eggs) in Bitcoin, can now check it out on the St. Louis Federal Reserve Bank’s economic data website FRED, the website’s team said on June 6. The graph or histogram above tracks the average price of a dozen large grade A chicken eggs, showing how the data for one year, five years, ten years, or maximum time range. As sources, it uses the information fetched from crypto exchange Coinbase and the U.S. Bureau of Labor Statistics.
Analyzing the graph
According to the graph’s authors, “food prices, along with energy prices, are often excluded from monetary policy analysis,” but “cracking open this first concept is fairly simple.” So the team wanted to ask another question: Seeking a proper answer to this question led them to develop the graph above. Since the price of Bitcoin is a lot higher than a carton of eggs, its creators multiplied the price of eggs by 100 million, to express it in so-called ‘satoshis’ – the smallest subunit of Bitcoin. Furthermore, the authors add that the observer should also take into account the Bitcoin transaction fee – which is currently $1.505, according to YCharts data – “but which can spike above $50 on occasion.” At press time, Bitcoin is trading at $29,615, which is 5.41% down on the day and a drop of 5.94% across the previous week, as per CoinMarketCap data.
