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Bitcoin Hits Record as Inflation Hedge Drumbeat Grows Louder

  • People are looking for places to put their money, says Kinahan
  • Rally’s fueled by sustained inflation we are witnessing: Chung
Bloomberg business news
Is Bitcoin Becoming a New Hedge Against Inflation?

Bitcoin hit another record high and is flirting with $69,000 for the first time after inflation data bolstered the argument that the cryptocurrency is a hedge against rising cost pressures.

The largest digital asset by market value rose as much as 1.9% to $68,991 on Wednesday, topping the previous high set late Monday in New York trading. Other coins also rose, with the Bloomberg Galaxy Crypto Index -- which tracks major cryptos -- gaining as much as 2.4% to its highest level since May.