Discussions on the topic of Bitcoin – or crypto-“currencies” in general – are usually plagued by strong emotions. That fact alone is enough to make me skeptical. When it comes to investing, strong emotions are almost always detrimental. And with Bitcoin, it’s more than just emotions. You sometimes get the feeling that arguments are being made with an almost religious fervor. There seems to be little room for nuance and sober analysis. Nevertheless, let me try.
The supply-demand mismatch in goods caused by the pandemic has driven up global commodity prices and is now feeding through into consumer price inflation.