Members of the U.K. digital asset space seem to largely support a proposal by the country’s financial watchdog to move companies away from promoting crypto as an inflation hedge.
“We also expect firms to consider the potential harm to consumers and be confident that any claims made by the issuer are genuine,” the guidance said. “Firms should not use terms that could mislead consumers such as ‘inflation resistant.’” “In a strict sense, the FCA is correct,” said Ryan Shea, economist at U.K.-based crypto index trading Trakx. “Cryptocurrencies are not inflation-protected in the same way as anor an inflation-protected Treasury bond, whose value mechanically increases in line with the specified inflation index.”
“Due to bitcoin's relatively short existence, we have to rely on the fundamental concepts of what it represents as an asset, so theoretically, it being of limited supply while being priced in U.S. dollars, it should act as an inflation hedge,” Butterfill told CoinDesk.
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