Bitcoin Shines as a 'Liquidity Barometer,' Not an Inflation Hedge, NYDIG Says

Bitcoin (BTC) has long been described as “digital gold”, and, like the precious metal, is often pitched as a hedge against inflation. But new data from NYDIG suggests that the narrative doesn’t hold up. In its weekly digest, NYDIG’s Global Head of Research Greg Cipolaro found that inflation isn’t a reliable factor driving bitcoin’s price. Monthly correlation data shows that bitcoin’s relationship to inflation is both inconsistent and weak. “We know the community likes to pitch bitcoin as an inflation hed ...