It should be kept in mind that financial asset price inflation and consumer price inflation are two very different things. It seems that either the cost of producing things is dropping fast thanks to automation and computers or that very little of the QE money is trickling down to the real economy or both. But it certainly seems that financial assets are increasingly divorced from the real economy.

Bitcoin bulls and gold bugs will be happy regardless of whether the real economy will benefit. In fact, financial asset price inflation and the lack of consumer price inflation represents the best of possible worlds for crypto investors.