It’s an article of faith among Bitcoin believers that the currency is a store of value—a safe haven that will be worth something in good times and bad. That faith got tested, however, when an alarming U.S. inflation report on Monday led nervous investors to sell off assets of all sorts, including Bitcoin.
In theory, this shouldn’t have happened. One of Bitcoin’s big appeals is that it has a finite supply. Unlike central banks, which keep printing more and more money („Fed go brrrr,” as they say), only 21 million Bitcoins will ever be minted. This means Bitcoin should be a natural hedge against inflation, one that investors embrace in response to reports like the one we got this week.
So what’s going on? Is Bitcoin’s reputation as an anti-inflation hedge simply wishful thinking? Decrypt spoke to economists and market experts to get to the bottom of it.
One of those experts is Ed McKelvey. A former Federal Reserve economist and longtime Goldman Sachs analyst, McKelvey warns about re
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