Need an inflation hedge? Bitcoin has delivered 99.996% deflation

On Wednesday, U.S. inflation data come in much hotter-than-expected. Almost immediately after the number hit the wires, Bitcoin notched a record high. Coincidence?  

To many, it’s not so much a chance happening as something they’d been predicting for a long time now -- that the world’s largest digital asset makes for a great hedge against rising prices in the economy.  

Here’s the gist of the argument: unlike dollars or any other traditional currency, the digital coin is designed to have a limited supply, so it can’t be devalued by a government or a central bank distributing too much of it.