“In our view, cryptocurrencies (especially Bitcoin) are somewhat misunderstood. It is not an inflation hedge, but a depreciation hedge to protect holders from financial/monetary waste and policy mistakes.” Jonah Van Bourg, Global Head of Trading at Cumberland, said in a CoinDesk memo that “the risk of US debt default is actually in the form of a US dollar depreciation and/or a policy error, which we see (more Increased demand (represented by high crypto prices) is a use case for this.
