Bitcoin as an Investment Alternative to Gold for Hedging Against Inflation
An Empirical Analysis of Data from the Eurozone
Abstract
This study analyzes the potential of Bitcoin as an alternative to gold for hedging against inflation in the Eurozone, using quarterly data from Eurostat, the ECB, and Yahoo Finance for the period 2014–2025. Through statistical analysis of Bitcoin prices (BTC), gold (XAU/EUR), the Harmonized Index of Consumer Prices (HICP), and key macroeconomic indicators, the research finds that Bitcoin exhibits higher volatility than gold, but shows a stronger correlation with inflation expectations during periods of monetary expansion.
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