Bitcoin is back in every headline this week, with the world’s largest cryptocurrency hovering around $73,673 and traders debating whether the dip is the bottom. But here’s what you should actually be watching.
Bitcoin is the crowded trade dressed up as a contrarian one. It is down 15.8% year to date and down 30.22% over the past year, and it still generates zero cash flow, pays no dividend, and funds no buyback. The asset everyone is buying as an “inflation hedge” is underperforming the actual inflation hedge sitting in plain sight.
This post originally appeared at 24/7 Wall St.