On Friday, the U.S. Bureau of Labor Statistics reported its largest 12-month jump in Consumer Price Index (CPI) numbers since 1982. You might expect Bitcoin — which was designed to be resistant to inflation — to rise on news of the highest inflation metrics in four decades, but after jumping around 4% in the hours after the CPI report, Bitcoin forfeited its gains over the weekend. And since reaching a new all-time high near $69,000 in November, the cryptocurrency has been broadly trending downward even as global inflation has surged. So has Bitcoin’s value as a hedge investment been overstated, or is something else going on? Let’s dig in.