Buying eggs with bitcoin just got cheaper as US inflation cools

Quick Take

  • U.S. inflation came in slightly softer than expected, bringing down the price of a dozen eggs in dollar and bitcoin terms. 
  • The price of eggs fell to 13,714 satoshis from about 18,077 satoshis.
  • Egg prices experienced the biggest monthly drop in dollar terms in 36 years in March. 

Buying eggs with bitcoin just got a whole lot cheaper.

Egg prices measured in bitcoins fell for the third month in March. The St. Louis Fed has been tracking the price of a dozen eggs using bitcoin as a unit of measure since last summer. Since bitcoin is worth considerably more than a dozen eggs, the reserve bank multiplied the price by 100 million to express it in satoshis.

In March, the average price of a carton of eggs fell to 13,714 satoshis, or 0.00013714 BTC ($3.88), dropping 24% compared to about 18,077 satoshis in February. In January, a carton of eggs cost over 23,800.

A satoshi is the smallest unit of bitcoin, worth 0.00000001 BTC. As such, the average price charged for 12 eggs fell to about 0.00013714 BTC, or about $3.88, based on the average price on March 31, according to the St. Louis Fed's data.


Keep up with the latest news, trends, charts and views on crypto and DeFi with a new biweekly newsletter from The Block's Frank Chaparro

By signing-up you agree to our Terms of Service and Privacy Policy
By signing-up you agree to our Terms of Service and Privacy Policy

The cost of eggs in the U.S. hit all-time highs (in dollar terms) in 2022 as inflation soared and the food product drew media attention. March marked the biggest one-month fall in price in 36 years.

The U.S. Federal Reserve has been scrambling to combat inflation for the past year. This week's data shows signs that interest rate hikes and quantitative tightening might finally be working. Goldman Sachs analysts no longer expect the central bank to hike rates in June.

An end to rate hikes would be an encouraging sign for risk assets like bitcoin. When rates are rising, investors typically flock to safe-haven assets. Risk could be back on, though, at least, that's what Paradigm co-founder Anand Gomes told The Block recently.

© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

About Author

Adam Morgan is a reporter covering cryptocurrency, financial markets, and economics – anything from price movements, earnings reports, and inflation to the U.S. Federal Reserve interest rate decisions and everything in between. Adam is based in London.


To contact the editor of this story:
Christiana Loureiro at
[email protected]