Inflation has happened in part because a lot of assets have risen in value.
A kilo of gold has not risen in value, it’s mainly the dollar that has fallen in value. There is a nice site that tracks commodities stocks etc but in a different nominal unit gold:
Www.pricedingold.com
What we can see here is that though house prices are somewhat volatile, they have not moved many orders of magnitudes measured in gold. Meanwhile priced in dollars they steadily grown two magnitudes since 1940. Which is mostly due to the dollar falling in value. This holds true for most assets. Assets that are easier to improve output with technology such as milk, eggs, transistors etc have fallen in value in varying degrees.
What we have seen this year is mainly that the market is reacting to expectations that the dollar will not lose in value as fast as before and the dollar strengthening somewhat. Bitcoin is a bet on many things, one of them being that the dollar will collapse and bitcoin one day be worth an infinite amount of dollars. With the current strengthening of the perceived future of the dollar, this part of Bitcoins perceived value has taken a huge hit this year. There are still many other part of the story, VISA replacement, black market for drugs, cartel to cartel transactions, remittance, micropayments, IOT, bot to bot transactions etc where Bitcoin, Ethereum and other cryptos are competing for market share bringing some perceived valued for investors.
Elon saw the falling value of the dollar and took a bet. For a while it had payed off, currently it has been a bad bet. What it ends up the future will tell. That they have to write a negative number due to strange accounting rules is just silly and we should ignore that just as much as we ignored it when they had made a paper gain on their investment a few months ago. It will look bad and wallstreet will make fun of Tesla, but let them. It doesn’t matter it‘s just noise. Like they made fun of Teslas burning, of Tesla burning cash or of Tesla fan being cultists for believing that one day Tesla would sell 500k cars per year. Let them have their fun with Bitcoin paper loss too. If they want to focus on things to confirm their world view, let them. It’s not our problem that they will miss out on one of the greatest investment opportunities in our lifetimes. In a few more quarters Tesla will be printing so much money even they cannot ignore reality any more.