I absolutely agree with you that money printing causes the price of assets like real estate, stocks, and bonds to go up, but the correlation between money print

I absolutely agree with you that money printing causes the price of assets like real estate, stocks, and bonds to go up, but the correlation between money printing and the price of Bitcoin seems pretty weak. Back in 2017, when Bitcoin shot up from 900 to 18k[1], the Fed's balance sheet had been flat for the past two years[2]. The Fed was also in the process of gradually unwinding their balance sheet by increasing the Federal Funds Rate target. Over the course of 2017, they raised the upper bound of the Federal Funds Rate from 0.75% to 2.5%. The narrative that people are flocking to Bitcoin as an inflation hedge has some plausibility currently, but it doesn't explain what happened in 2017. [1] https://www.coindesk.com/price/bitcoin https://www.coindesk.com/price/bitcoin [2] https://fred.stlouisfed.org/series/WALCL https://fred.stlouisfed.org/series/WALCL [3] https://fred.stlouisfed.org/series/DFEDTARU https://fred.stlouisfed.org/series/DFEDTARU