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> At this point BTC is, functionally, just an alternative asset that hedges against inflation You are completely ignorant. I'm not saying that in a mean way, I
by teachrdan 3y ago
> At this point BTC is, functionally, just an alternative asset that hedges against inflation
You are completely ignorant. I'm not saying that in a mean way, I mean it in the purest sense possible: You have no idea what you are talking about.
According to the graph below, BTC goes up when inflation goes down. That is the opposite of a hedge! It proves that Bitcoin is not valuable due to "not having sound monetary systems."
Bitcoin is obviously a speculative asset whose value goes up when inflation is low and people have money to spend on speculative assets. The fact that we use 2.3% of our nation's electricity on it is unjustifiable.
https://charts.woobull.com/bitcoin-inflation/ https://charts.woobull.com/bitcoin-inflation/
- pton_xd 3y ago> According to the graph below, BTC goes up when inflation goes down. That is the opposite of a hedge! It proves that Bitcoin is not valuable due to "not having sound monetary systems." > https://charts.woobull.com/bitcoin-inflation/ https://charts.woobull.com/bitcoin-inflation/ That graph is charting BTC price to BTC supply inflation, not general economic inflation (which is what I'm talking about).
- teachrdan 3y agoI apologize, I think you may be correct there. Could you please refer me to a graph showing the relationship between BTC and inflation? Because inflation over the last 12 months is relatively low, at 3.4%, while BTC is very high, at $47,621. Then again, BTC hit a high of $65,000 back in November of 2021, when inflation rates were indeed high at 6.8%. This seems to suggest a weak relationship at best between BTC and inflation rates.