Amid growing inflation, investors are turning to Bitcoin as a possible store of value and hedge against economic crisis.
The CPI, which tracks the pricing of goods and services ranging from gasoline to rent, climbed to 6.2%, raising fears about mounting inflation. As for the stocks market, it began Wednesday’s trading session in the red zone, with the benchmark S&P 500 trading down 0.29%.
Speaking of Bitcoin’s utility as a hedge against inflation, billionaire Paul Tudor Jones believes that the flagship cryptocurrency is a superior inflation hedge to gold.
According to a trading executive, “more and more of the traditional econ numbers [are going to] affect Bitcoin markets [in a] very short time frame with all these quant firms plugged in now.”
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Source: Cryptocurrency - investing.com
