The US Dollar Continues to Lose Value Against Bitcoin
The U.S. dollar (USD) has long been considered one of the strongest fiat currencies in the world. However, recent data shows that it has been outperformed by Bitcoin (BTC) over the past decade. According to information from Bitstamp’s BTC/USD price chart on TradingView, the USD has lost 99.52% of its value against Bitcoin from September 30, 2013, to the same day in 2023.
This significant drop in value represents a price appreciation of over 22,000% for BTC against the USD during this period. It is worth noting that even the second-worst performer, the Sudanese Pound (SDG), has lost less of its purchasing power against the dollar than the dollar itself has lost against Bitcoin.
Notably, Bitcoin’s performance against other currencies such as the Indian Rupee (INR) and Pakistani Rupee (PKR) is also impressive. Although there is no 10-year track record for BTC versus INR or PKR, considering their losses of 24.7% and 63.6% respectively against the dollar, it can be concluded that their decade losses against Bitcoin were even more significant at 99.63% and 99.82%.
Hot Take: The Decline of the US Dollar
The data clearly shows that despite being considered a strong currency, the U.S. dollar has struggled to maintain its value against Bitcoin over the past decade. While other national currencies have also experienced depreciation against Bitcoin, the USD stands out as one of the worst performers.
This trend raises questions about the future of traditional fiat currencies and highlights Bitcoin’s potential as a store of value and hedge against inflation. As cryptocurrencies continue to gain mainstream adoption, it will be interesting to see how this dynamic between fiat currencies and digital assets evolves in the coming years.
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