Theoretically, Bitcoin's fixed monetary supply makes it an inflation hedge. Unfortunately, markets don't give a shit about your theories. Price action is the final answer. Bitcoin's price action has failed to trend higher with oil and gold. Bitcoin has rallied during risk-on periods and fallen during risk-off periods. Bitcoin's price action proves that the majority of market participants are treating it as a high-risk speculation vehicle and NOT as a hedge.
Bottom line: The market is always right. If you make decisions based on theory or ideology and not price action, you will often find yourself on the wrong side of the market.
Bottom line: The market is always right. If you make decisions based on theory or ideology and not price action, you will often find yourself on the wrong side of the market.