Is Bitcoin a good hedge against the market? It depends on your horizon

Is it a currency? Is it an asset? Or is it perhaps… a commodity? In an effort to drive up its price, (in)famous crypto evangelicals have been coming up and attributing an increasing number of use cases to Bitcoin. One of the most profound ones, often touted by such figures in financial media, is the so-called hedge. In order to attract interest of larger and institutional investors, Bitcoin had to be painted as a serious investment vehicle. One with its own unique characteristics. Incomparable with conventional financial instruments such as stocks, bonds, and commodities. Thus: serving the purpose of decreasing…

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