since the beginning of the month, bitcoin has been largely range bound, lately trading up to 1% at 32,841 us dollar. however, the allure of an inflation hedge is being tested by a deluge of statistics demonstrating the higher costs linked with the pandemic’s emergence. in june, consumer prices increased by the highest since 2008, while producer prices increased by more than projected.
bitcoin and other cryptocurrencies, according to hardcore enthusiasts, are a hedge against growing consumer prices and excessive money printing by global central banks. the rationale goes as follows: the us dollar, or any other traditional currency, is supposed to have a restricted quantity so that it cannot be depreciated by the government or another central bank distributing too much of it.
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