Business
Is Bitcoin (CRYPTO:BTC) the answer to ASX investors’ inflation worries?
The Bitcoin (CRYPTO: BTC) price stands at US$56,528 (AU$73,413) at the time of writing. That’s down 3.4% over the past 24 hours but still up a tidy 94% so far in 2021, according to Bitcoin price data from CoinDesk.
That data also tells me US$55 billion worth of Bitcoin has been traded during the last 24 hours. With a market cap of US$1.06 trillion, Bitcoin remains the largest cryptocurrency in existence.
Can Bitcoin serve as an inflation hedge for ASX investors?
Long absent, inflation fears have been rising as the yields of global benchmarks, like 10-year US Treasury notes, have ramped up to pre-pandemic levels.
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