This letter revisits the time-series relation between cryptocurrency prices and forward inflation expectations. Using wavelet time-scale techniques, a positive link between cryptocurrencies and forward inflation rates is identified, focused on a brief period surrounding the onset of the COVID-19 pandemic. This coincides with a rapid and synchronized decrease in cryptocurrency prices and forward inflation expectations, followed by a swift recovery to pre-crisis levels. Outside of the crisis period, we find no clear evidence of any inflation hedging capacity of Bitcoin or Ethereum during times of increasing forward inflation expectations.

中文翻译：

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重新审视通货膨胀和加密货币：时间尺度分析

这封信重新审视了加密货币价格与远期通胀预期之间的时间序列关系。使用小波时间尺度技术，确定了加密货币与远期通胀率之间的正相关关系，重点是围绕 COVID-19 大流行开始的短暂时期。与此同时，加密货币价格和远期通胀预期迅速同步下降，随后迅速恢复到危机前的水平。在危机期间之外，我们没有发现明确的证据表明比特币或以太坊在远期通胀预期上升期间具有任何通胀对冲能力。