In the space of the past year, the value of the cryptocurrency Bitcoin has crashed from nearly $70,000 to below $30,000, bringing down with it the entirety of the crypto market.

Analysts are suggesting the currency, dubbed by some as “digital gold,” will continue to see further dips as the market as a whole readies itself for a potential “crypto-winter” of further price-drops and stagnation.

Bitcoin has nonetheless been discussed as a potential “inflation hedge,” a term used to describe commodities that may weather the economic downturn caused by inflation.

Historically, gold has been considered one of the strongest hedges against inflation. Interestingly, however, by 2021 Bitcoin had outperformed both gold and the stock market for the third year straight.

During the COVID-19 pandemic, fearful that government spending would lead to inflation, institutional investors turned to Bitcoin as a hedge against it.

Discussion of its potential grew as Bitcoin reached highs of over $68,000 per coin in November 2021, with other major projects such as Ethereum, BNB, Polkadot and Polygon also experiencing huge rises in value.

The meteoric highs Bitcoin and cryptocurrencies experienced in 2021 swept global public consciousness. It led to a…