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Why Bitcoin Is A CDS On The Fed – Bitcoin Magazine

This is an opinion editorial by Adam Taha, an entrepreneur with two decades of government and corporate finance experience.

The latest consumer price index (CPI) print came out at a shocking 9.1% (9.8% in cities), and many speculators expected bitcoin’s price to “moon.” What happened was the opposite and bitcoin’s price action correlated with other risk assets. Many threw an expected tantrum and asked why? “I thought BTC was a hedge against inflation … when moon?”

Keep in mind that bitcoin is a 13-year old resilient asset with just 13 years of network effect. How is it resilient? While the dollar, as we all know, has continued its meteoric climb, posting fresh yearly highs versus the British pound, euro, and Japanese yen year to date, making it a wrecking ball against most foreign currencies and risk-on assets. However, for the past week something incredible started happening: The price of bitcoin (in USD) has been keeping an extremely strong level of support as the dollar gains. This signifies a massively important event in my opinion.

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