Bank of America Says Bitcoin Isn’t Hedge Against Inflation.

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The Bank of America research said Bitcoin is not working as an inflation hedge but traded as a high-risk asset.

Data suggest that cryptocurrencies have typically moved with the stock market since July 2021, says Bank of America analysts Alkesh Shah and Andrew Moss. 

Based on the last 180 days, Bitcoin's correlation with the S&P 500 reached an all-time high on January 31. The Nasdaq 100's correlation was likewise around all-time highs.