Bitcoin continues to rally in a move that defies the typical inflation playbook, raises the question of whether the cryptocurrency has quietly crossed over from risk asset to inflation hedge.

The leading cryptocurrency by market value has risen 19% in just over a month, topping $80,000 on Monday for the first time since January. The rally comes as oil hovers above $100 and Bloomberg’s commodity futures index has jumped to a decade high, pointing to inflation in the pipeline. Meanwhile