Why Is Bitcoin Dropping if It’s an ‘Inflation Hedge’?

Why Is Bitcoin Dropping if It’s an ‘Inflation Hedge’?
This morning, the U.S. Bureau of Labor Statistics released updated numbers for its inflation-tracking Consumer Price Index (CPI), showing U.S. inflation has hit a 6.8% annualized rate. That adds up to the highest year-over-year inflation rate since 1982, which is decidedly not great. Among other implications, the number is another nail in the coffin of U.S. President Joe Biden’s “Build Back Better” social spending package.And asset markets? Wall Street had already priced in 6.7% inflation, so the Dow Jones Industrial Average has been pretty much stable as of this writing. Gold saw a modest but noticeable morning bump, while gold…