Crypto still isn't a 'hedge against inflation,' no matter what experts said. Here are 2 red flags to look for in money advice.

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• Not all financial advice turns out to be solid — and many claims about crypto haven't come to pass.
• When someone offers financial advice, consider whether they might financially benefit if you follow it.
• Remember, there's no such thing as an investment that's a sure thing.

While cryptocurrency has been in circulation since bitcoin began trading in 2009, most would agree the real "crypto craze" didn't start until around 2017. That's when the general public began to take an interest in decentralized banking, and when everyone wanted to get in on the "next big thing."

That's also when financial writers like me started hearing (and reading) wild claims and advice surrounding crypto investing. Some experts said every investor should have anywhere from 1% to 10% of their retirement portfolio in cryptocurrency all throughout 2018 and 2019.

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During that time, we also heard over and over that crypto was going to be a "hedge against inflation." Essentially, this claim meant experts believed the value of cryptocurrencies would go up faster than inflation, at least compared to some other investments we have access to.

Not only did experts in the US and elsewhere repeat this talking point, but institutions also got in on the game. The now-bankrupt FTX was even promoting crypto as a hedge against inflation in Africa, with the promise of a $5 sign-up bonus for investing to boot.

The thing is, crypto on a large scale was largely new on the scene at the time, and nobody knew if it was going to be a hedge against inflation or a total bust. It also turns out that, by and large, cryptocurrency has not been a "hedge against inflation" in any way, at least not yet.

So how can you know when financial claims like this one are not what they seem? And what should you look for when deciding which financial claims may actually come true one day?

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Look for a motive

Certified financial planner Taylor Jessee of Impact Financial says that when financial claims are being made, you need to look for the motive behind it. It's usually nothing more than a case of "following the money trail."

For example, it's only natural for a crypto firm or platform to have an incentive to get you using their business to invest. Of course they want cryptocurrency to be valuable and relevant.

The same is true for all the self-proclaimed "crypto experts" that have been all over the media over the last few years. If you hear a crypto claim from someone who is deeply invested in crypto or operates a crypto-related business, you should really question anything they have to say about the future of digital currency.

"To identify false claims, do your research and check the data yourself," said Jessee. "Check a variety of sources to compare and contrast different opinions."

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Remember that nothing is guaranteed

Any time you invest in something based on a desire for long-term growth, you have to remember that past results do not guarantee future returns. This is true for the stock market just as it is for real estate, gold, and other types of assets. And it's especially true for cryptocurrencies, especially given how many of them have been around for only a few years.

CFP Mike Earl of The Wealth Group says that, generally speaking, consumers should take any market-related prediction with a healthy dose of skepticism.

"Oftentimes, the loudest and most resolute voices are magnified, and audiences give credence to people who speak with authority," he said.

Remember that nothing is ever guaranteed in the investing world. And if something seems too good to be true, it very well could be.