Bitcoin is losing its appeal as a potential inflation hedge for investors.
In countries with the worst currency devaluations, such as Japan, the dollar has gained more than 20 percent against the yen since the beginning of the year, and bitcoin has lost 35 percent of its value, said Daniel Kostecki, a currency trader at Conotoxia.
Against the Korean won, the dollar has appreciated 15% since the beginning of the year, while the BTC/KRW exchange rate has fallen by more than 40% in that time.
Even gold cannot fight current inflation trends, Kostecki added.
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