Bitcoin has been an excellent inflation hedge during covid

Since January 2020, holding bitcoin would have increased your purchasing power by 520%. In a highly inflationary period, isn't this return enough to be called an inflation hedge?
Source: Tradingview, U.S. Bureau of Labor Statistics

On Friday, the U.S. Bureau of Labor Statistics released the CPI for November, showing that U.S. inflation hit a 6.8% annualized rate.

The bitcoin price didn't increase in the days following the higher-than-expected CPI number release, but this doesn't mean that we should write off bitcoin as an inflation hedge. The CPI is a lagging indicator - measuring inflation that has already occurred. If bitcoin is an inflation hedge, the inflation that has already happened should theoretically be priced into bitcoin by the time the CPI is released.

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