Bitcoin's correlation with inflation might not be as straightforward as the crypto community once thought. galaxyhq Head of Firmwide Research intangiblecoins shares insights on bitcoin's shifting inflation hedge narratives at Consensus2023.
Contrary to the early “digital gold” narrative, bitcoin until very recently has traded more like a tech stock, sliding when U.S. consumer prices jump and gaining when they moderate.
But a long-term view, and alternative measures of inflation, produce a different perspective. Can the original cryptocurrency still serve as a hedge, and what will it take for BTC to decouple in a sustained way?
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