'Contrary to the hopes of the financial establishment, crypto isn’t a monolith. While other digital currencies have died for good, bitcoin is bouncing back, not as a hedge against inflation, but rather against the [US Govt's] credit.' -TianaTheFirst
While inflation careened out of control throughout last year, the financial class celebrated the precipitous decline of bitcoin’s price. Those wacky libertarians who had replaced their dreams of abolishing the Federal Reserve with creating a viable alternate currency to bypass the inflationary tendencies of the federal government altogether were lumped in with the celebrities sued for advertising the scam of FTX and the dummies who lost their savings on stablecoins such as terraUSD.
So, what gives? Is this just another bubble blowing up, or does bitcoin’s growth reflect a real value? Then, we see it is not that bitcoin is a hedge against price level increases themselves, but rather when the only thing backing the U.S. dollar, the full faith and credit of our cretinous government, comes into question.
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