There's so much wrong with this essay, it's hard to know were to start. And I'm not just talking about the Bitcoin part. Let's take this chestnut: > As the Fe

There's so much wrong with this essay, it's hard to know were to start. And I'm not just talking about the Bitcoin part. Let's take this chestnut: > As the Fed printed more money, more crypto assets were created. The author is probably referring to Quantitative Easing. But QE is not "money printing." It is an asset swap in which the Fed issues a utility token called "bank reserves" in exchange for a treasury or mortgage backed security. Bank reserves can not be used outside of the Federal Reserve system. They can not be converted to "cash," nor can they be used to pay salaries, bonuses, etc. (They can be converted to treasuries through Quantitative Tightening). Bank reserves are not money. Therefore the fed printed no money. It did, however, do a lot of asset swaps, accumulating a bunch of treasuries and MBS, while issuing a lot of bank reserves. This is not a mainstream view, but it is supported by the evidence. If you try to find documentary evidence for the notion of the Fed money printer spinning new dollars into existence, you will find none. Even worse, some economist view QE as a restriction on money. By locking highly valuable collateral (treasuries) on the Fed balance sheet, the financial system is deprived of the stuff that keeps it going. You see this manifest itself with the nearly $2 trillion in reverse repo being done now. Because it's all most people care about, let's stick with the inflation hedge thing. > Now, that’s from an all time high but the point is that all time high came before evidence of inflation. Once the inflation arrived, BTC has gone only one direction – the wrong one. An asset class that correctly hedged against CPI acceleration (as separate from money printing) would show exactly this behavior. A bull market prior to the appearance of CPI acceleration. Then, when the peak is reached, the hedge loses steam and retraces some of the gains. This behavior is sometimes called "buy the rumor sell the news." I can see how it might be irritating to separate CPI acceleration from money printing, but this is the conundrum you must resolve for yourself in today's world. I'm not saying that Bitcoin is a hedge against "inflation." I'm just saying that the authors statements and conclusions aren't the only explanations for the price behavior of Bitcoin. There are many confounding factors under the surface.