A Hawkish Fed Proves Bitcoin Backers Right
Who needs a hedge if Jerome Powell’s Fed is newly resolved to fight inflation?
Photographer: Michael Nagle/BloombergHello from Team Crypto at Bloomberg and welcome to our twice-weekly (for now) guide to the crypto world. If someone forwarded this to you, sign up here. In today's issue, Senior Executive Editor for Markets Chris Nagi talks Bitcoin, inflation and correlations.
Among the numerous victory laps crypto skeptics took during Bitcoin’s recent slide is the idea that the decline, coming at the onset of a Federal Reserve tightening cycle, proves the asset was never a good hedge against inflation. People should probably stop saying that.