BTC is a poor CPI hedge and a better long-duration debasement trade: Coinbase’s January 2026 event study found its response to CPI surprises regime-dependent and statistically insignificant. BLS just reported June CPI down 0.4% month over month but still up 3.5% year over year, so the thesis lives in Bitcoin’s 21 million cap, not the July 14 print.

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