Bitcoin tops $69,000 after hot inflation numbers released

Bitcoin has long been touted as an inflation hedge asset among its proponents. Billionaire Paul Tudor Jones told CNBC in October that he viewed bitcoin as a superior inflation hedge to gold. 

“Clearly, there’s a place for crypto. Clearly, it’s winning the race against gold at the moment,” he said.


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In a similar spirit, JPMorgan released a note last month that said institutional investors see bitcoin as a "better inflation hedge than gold."

“The reemergence of inflation concerns among investors has renewed interest in the usage of Bitcoin as an inflation hedge,” the bank wrote.

In any case, this morning's price action illustrates the degree to which the cryptocurrency can be impacted by traditional market forces.

"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," a trading executive in the market told The Block. 

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About Author

Frank Chaparro is the Editor At Large at The Block. Chaparro started his career at Business Insider, where he specialized in the intersection of digital assets and Wall Street, market structure, and financial technology. Soon after joining Business Insider out of Fordham University, Chaparro was interviewing top finance and tech executives, including billionaire Mark Cuban, “Flash Boys” star Brad Katsuyama, Cboe Global Markets CEO Ed Tilly, and New York Stock Exchange President Tom Farley. In 2018, he become a sought after reporter in the crypto world, interviewing luminaries such as Tyler Winklevoss, the cofounder of Gemini, Jeremy Allaire, the CEO of Circle, and Fundstrat head Tom Lee. He runs his own podcast The Scoop and writes a biweekly eponymous newsletter. He leads special projects, including The Block's flagship podcast, The Scoop. Prior to The Block, he held roles at Business Insider, NPR, and Nasdaq. For inquiries or tips, email [email protected].