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            <title xml:lang="en">Can Bitcoin Be an Inflation Hedge? Evidence from a Quantile-on-Quantile Model</title>
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                <forename type="first">Roman</forename>
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                <term xml:lang="en">inflation</term>
                <term xml:lang="en">hedge</term>
                <term xml:lang="en">bitcoin</term>
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              <classCode scheme="jel" n="C.C3.C32">C - Mathematical and Quantitative Methods/C.C3 - Multiple or Simultaneous Equation Models • Multiple Variables/C.C3.C32 - Time-Series Models • Dynamic Quantile Regressions • Dynamic Treatment Effect Models • Diffusion Processes • State Space Models</classCode>
              <classCode scheme="jel" n="E.E3.E31">E - Macroeconomics and Monetary Economics/E.E3 - Prices, Business Fluctuations, and Cycles/E.E3.E31 - Price Level • Inflation • Deflation</classCode>
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              <p>In this study we quantify and analyze the dynamic dependence between US, eurozone, UK and Japan Bitcoin market returns and realized and unexpected inflation, conditional on different market states and various nuances of inflation. Using a Quantile-on-Quantile regression, we investigate the hedging properties of Bitcoin against inflation, thereby offering a fresh look at the return-inflation puzzle from the point of view of alternative investments. We find that while bullish UK, Euro and Japanese Bitcoin markets facilitate hedging against inflation by offering higher returns, the USD Bitcoin market performs worse with inflation. In general, our results indicate an asymmetric relationship between inflation, both realized and unexpected, and alternative investments such as the Bitcoin market.</p>
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