NYDIG's Global Head of Research, Greg Cipolaro, has challenged the common perception of Bitcoin as a digital gold and inflation hedge. According to Cipolaro, Bitcoin's price movements are not reliably driven by inflation. Instead, Bitcoin functions more like a liquidity barometer, reacting to changes in real interest rates and money supply. Cipolaro also highlighted that gold, traditionally viewed as an inflation hedge, exhibits inconsistent and often negative correlations with inflation. Both Bitcoin and gold are more closely linked to real interest rates, with Bitcoin's inverse relationship to these rates becoming more pronounced as it becomes further integrated into the financial system.