Bitcoin continues to slide, casting doubt as an inflation hedge as costs soar

Bitcoin continues to slide, casting doubt as an inflation hedge as costs soar: Bitcoin, which was once touted by crypto enthusiasts and wealth managers alike as a hedge against inflation, has continued to fall in recent weeks even as new data has shown costs are soaring. On Tuesday, the Labor Department announced that its Consumer Price Index, which measures a basket of goods and services as well as energy and food costs, jumped 5.4 percent in June from a year earlier, the fastest pace in 13 years. US stocks tumbled at the open while bitcoin remained flat and tumbled steadily throughout the morning and afternoon.