The recent price plummets put a question mark around whether Bitcoin could actually serve as a hedge against inflation. Analysts argue that Bitcoin is more of a risk asset, especially with the recent price fluctuations.
Meanwhile, there are also concerns that U.S. regulators will lead major crackdown on cryptocurrencies.
Russia’s central bank proposed the banning of crypto-related services including trading, using, and mining cryptocurrencies, earlier this week. Russian officials argued that Bitcoin could destabilize financial systems and the well-being of citizens.
