So Now It's a "Debasement Hedge"
The whole "Bitcoin inflation hedge" narrative was always stupid. Unless you were looking at your charts upside down, it was impossible to miss that Bitcoin was trading like another tech stock.
With this story in tatters, the new narrative being spun is that it's a hedge against monetary debasement.
Truth be told, virtually everything is a hedge against monetary debasement. You can buy a diversified equity index fund and be diversified against monetary debasement. Bitcoin is just a high-beta, non-fiat debasement hedge.
We really don't need to overcomplicate this, especially if we're just trading these things.
The chart speaks for itself.
Bitcoin's trading with the ebbs and flows of beta rotation and has merely been a liquidity proxy.
You don't need smart-sounding stories to know this.
Just look at the chart.
Look at the data.
Money flow > narratives.
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Thanks for reading, and please let us know if you have any questions.
Allstarcharts Team