Bitcoin has hit a new all-time high this year. The year 2020 proved to be the driver of the BTC’s price. The combination of external factors such as US monetary policy, rising household debt, and global uncertainty caused by Covid-19 led to a real demand boom for Bitcoin.
Edward Snowden, the most prominent Whistleblower in history, referred to the trading pair Bitcoin/US Dollar in a recent Tweet.Â
Snowden showed that the leading currency of the 21st century could record a massive loss against Bitcoin.Â
BTC shows strength since 03.01.2009, the day when Bitcoin first came to birth.
Edward Snowden left his previous life and bears enormously psychological and financial consequences to educate people about a policy of obtaining information that knows no privacy, but only national interest.
Edward Snowden is also a defender of Bitcoin. Because the cryptocurrency, which Satoshi Nakamoto designed in response to the financial and banking crisis of 2007/2008, is a digital concept of money that function without governments.
Snowden posted via Twitter on December 7 a Tweet about the dollar value in BTC. According to this, the US Dollar has lost more than 99% of its value relative to Bitcoin since 2013. In other words, Bitcoin has risen massively against the US Dollar.
Today I learned the dollar has lost 99.93% of its value since 2013 (relative to Bitcoin). https://t.co/txthu3YMIk
— Edward Snowden (@Snowden) December 7, 2020
Trading pair USD/BTC instead of BTC/USD
The US Dollar is the most dominant world currency. Whether Forex market, bond market, stocks, or commodities, all trading pairs are measured in dollars.
We measure the value of Bitcoin also in USD. If you look at the USD / BTC Chart, we see precisely the scenario Snowden described. The US Dollar has decreased by more than 99% in BTC terms.
Bitcoin benefits due to its deflationary concept or its falling inflation rate. While the overall supply is limited, and the Bitcoin quantity being produced decreases over time, the lesser Bitcoin’s supply, the more will be its price over time if the demand keeps increasing.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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