What Is Bitcoin Meant to Hedge?

That digital gold became the go-to description is likely why we have a mishmash of ideas about bitcoin today; it’s a hedge, a store-of-value, a means of payment, a beta trade, a bet against fiat and, increasingly, a development platform. Everyone wants bitcoin to be everything all at once when in reality, over the past decade and half, it’s basically done just one thing really well: sopping up excess liquidity.