Oil above $112, Bitcoin below $82,000: what it means for Bitcoin as an inflation hedge

The oil price jumps and Bitcoin falls. This piece is an assessment: it separates, first, what is documented for this Thursday and, second, what follows from it and what stays open. Documented are the prices, the oil jump, the equity losses and the move in the bond market. An assessment is everything beyond the question of whether an oil shock drags the crypto market down for good. Figures appear in this article only with a source, including where it weighs the arguments. The question behind the day is older than the day: does Bitcoin work as protection against inflation?