An analysis suggests that Bitcoin has shed its label as a risk asset sensitive to interest rates and successfully transformed into an inflation hedge asset. CoinDesk diagnosed, "In the past, high inflation led to interest rate hikes and suppressed Bitcoin prices, but now, as prices rise, funds concerned about the depreciation of fiat currency are flocking to Bitcoin." It is argued that Bitcoin has moved out of Nasdaq's shadow and begun to follow the early growth model of gold.
