“Cryptocurrencies (and Bitcoin in particular) have been somewhat misunderstood in our opinion. It is not an inflation hedge, but rather a depreciation hedge that protects holders from fiscal/monetary vagaries and policy mistakes,” Jonah Van Bourg, Global Director of Cumberland Trading, told CoinDesk in a note: “Any risk of a US debt default is really a form of US dollar depreciation and/or policy error, and the increased demand we’re seeing (expressed in higher cryptocurrency prices) is that use case. hovering.”
FTX’s illiquid holdings full of tokens that are in the venture capital funds it has invested in; Bitcoin dropped below $21,000
