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Bitcoin (BTC) Dominance Against The US Dollar Underlines Its Superiority

Bitcoin (BTC)

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Bitcoin (BTC) may have lost 72% of its value in the last ten months; however, the digital currency is still strong compared to other major currencies that determine the global economy. Statistics shared by MicroStrategy’s top Bitcoin advocate, Michael Saylor, show that BTC’s dominance over the USD is overwhelming, with the US dollar collapsing more than -67% against the top cryptocurrency over the past four years.

Bitcoin (BTC) performance is considered the best asset class

Bitcoin may have lost most of its value along with other digital assets due to the onset of the bear market; However, it remains strong against the USD. The chart below shows how BTC has performed in recent years, becoming the best performing asset of the last decade.

Historically, five years ago, Bitcoin (BTC) was below $5,000, indicating its significant growth as the most popular form of cryptocurrency.

Charlie Bilello, Founder and CEO of Compound Capital Advisors, shared information that Bitcoin will become the best performing asset of the decade. Based on the compiled data, it further showed that the annualized return since 2011 was 230%. It also showed that Bitcoin’s cumulative gain has exceeded 20,000,000%.

Michael J. Saylor, Founder and CEO of MicroStrategy, shared a a tweet that over the past four years, the US dollar has collapsed -67% against Bitcoin, proving the dominance of the digital currency in global financial markets.

Factors Affecting Bitcoin Growth (BTC)

Storage of value: Bitcoin could be useful as a store of value and wealth. As the central bank continues to increase debt and print money, the US dollar continues to lose its value and status as the world’s reserve currency. In such circumstances, trading Bitcoin assets as an inflation hedge is useful.

Ray Dalio, the founder of Bridgewater Associates, the world’s largest hedge fund, mentioned that Bitcoin is like a digital version of gold and a good alternative to cash.

Confidence: Bitcoin has created a new kind of trust in our future global monetary system. Trust in fiat currencies is ensured by the central authority that calculates them, on the other hand, trust in cryptocurrencies is based on blockchain technology. The system behind Bitcoin is completely transparent, transactions are automated and they are all tracked in a distributed ledger.

Economic: This would also help emerging economies hedge against dollar-induced fluctuations in capital flows, making fluctuations in the U.S. economy less impactful around the world. The head of the US intelligence community has assembled a team of researchers to study how the loss of status of the US dollar could threaten the country’s economy and national security. As top researchers are concerned about how digital assets can affect the position and weaken the US dollar, we can assume that crypto has affected the leading fiat currency.

The dominance of Bitcoin (BTC) apparently created the evolving growth and acceptance of its market over the years.



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