According to Greg Cipolaro, NYDIG's global research director, Bitcoin has long been called "digital gold" and, like precious metals, is often promoted as an inflation hedge. However, this claim is unfounded. Inflation is not the key factor affecting Bitcoin's price. In fact, Bitcoin's inverse relationship with real interest rates has strengthened in recent years, and it has become a liquidity barometer, becoming an indicator of global liquidity. (CoinDesk)