Cryptos Look Like Go-To Place To Hedge Against Inflation
Tim Knight | Apr 13, 2021 11:51AM ET
One glance at the Slope CryptoStream page will illustrate what is becoming apparent: the go-to place to hedge against inflation is cryptocurrencies. Years ago, it was gold, but precious metals have been utterly left in the dust. As I am typing this, some red-hot inflation CPI numbers came through, and Bitcoin futures are up 5.3%. Gold futures are up about one-third of a single percentage point.
Those who talk about Bitcoin at $100,000 or $500,000 – or a million – may be absolutely right. Here, let’s play the “Spot the Trend” game with Bitcoin futures over the past few months:
With this morning’s mult-thousand-dollar price jump, BTC has finally reached escape velocity, after struggling for weeks.
And, naturally, everything else is coming along for the ride.
Oh, and just to keep things in perspective, with what the Fed’s trillions have foisted upon all of us, here is a long-term arithmetic glance of the king of cryptos:
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So can Fed Chairman Jerome Powell actually say with a straight face that there isn’t inflation anymore? What a farce!
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