Is this a narrative people still believe? I’m not asking if there is any truth to it as I believe that cryptocurrencies are too new of an asset class to be considered a store of value or an inflation hedge. I want to know if people actually buy into the idea. Doesn’t seem like it to me tbh and if it weren’t for rampant speculation and greed Bitcoin would not be nearly as successful as it is. To be clear, I do like and support BTC, just being realistic.
[Ray Dalio comments Bitcoin and crypto](https://coinspress.com/hedge-fund-veteran-ray-dalio-believes-bitcoin-is-not-a-good-store-of-wealth/)
Its not an inflation hedge. Its a solution.
Bitcoin is relatively new, but over the last 12 years it was a good store of value and inflation hedge (if you held on to your coins). Sure it is still volatile, but what new asset isn’t?
But Bitcoin is more than just a new asset, I’d recommend going deeper down the rabbithole.
https://calebfenton.substack.com/p/bitcoin-fixes-everything-because?s=w
https://safehodl.github.io/failure/#disinflationary-money-breaks-the
Bitcoins immaculate conception cannot be recreated nor innovated on. Additionally, zoom out and the inflation hedge becomes clear. You don’t buy insurance when your house is on fire.
When worldwide M2 is expanding Bitcoin goes up, when M2 is contracting Bitcoin goes down. Just like it’s expected to. You can believe what you want. Numbers don’t lie, it IS a debasement hedge. https://twitter.com/wclementeiii/status/1548464261369802754?s=46&t=3hm4loDoupWCM3uujWfaRg
It’s doing the exact same thing Gold did during the hyperinflation of Weimar Germany.
Anyone who thought it would go up when central banks around the world were raising rates by Multiples and contracting liquidity as fast as possible to FIGHT high inflation and previous debasement just didn’t think it through very hard.