Amid an inflation report that showed the consumer price index jumping 6.2% compared to one year ago – the fastest year-over-year jump since 1990 – the value of Bitcoin hit $68,950 on Wednesday before falling back. Meanwhile, Etherum soared past $4,800.

Why should we care?
High inflation reports may push investors to look for alternatives to traditional vehicles, including crypto and gold. This is because cryptocurrencies – which aren’t tied to reserve currencies – aren’t susceptible to devaluation by governments. Inflation is the latest reason behind Bitcoin’s rising value, after the launch of a bitcoin futures exchange-traded fund drove up the value of the digital asset. “Bitcoin continues to show Wall Street that it is a bona fide inflation hedge,”one analyst at Oanda Corporation wrote. Meanwhile, a report from JPMorgan Chase claims investors are increasingly looking to Bitcoin instead of gold. Others are skeptical of Bitcoin’s long-term staying power as a hedge against inflation. ““it’s hard to say if it’s an inflation hedge or not because we haven’t lived through inflation with cryptocurrencies. It’s one of those things where everyone thinks it will be, but time will tell,” an analyst at TD Ameritrade said.