Bitcoin Is Failing Its First Inflation Test as Selloff Deepens
- Date: 22-Jul-2021
- Source: The Wall Street Journal
- Sector:Technology
- Country:Middle East
Bitcoin Is Failing Its First Inflation Test as Selloff Deepens
Bitcoin’s steep selloff is undercutting the argument made by the digital currency’s proponents that it’s an inflation hedge.
The original cryptocurrency has lost about half of its value since mid-April, fizzling after a spectacular rally that saw it surge above $60,000 from around $7,000 at the start of 2020. It traded Wednesday afternoon at $31,864.
The timing is ironic.
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