Post
Topic
Board Economics
Re: The dollar affects Bitcoin?
by
icecube45
on 11/03/2019, 16:09:45 UTC
I think that's just a coincidence, the dollar has no affects on bitcoin. Isn't bitcoin created in a decentralized manner which means it is free from the influence of any party including the central bank or certain currencies? So I don't think the price of bitcoin is rising because the price of the dollar has also risen, that's wrong in my opinion. Bitcoin prices are influenced by the behavior of traders. If the trader sells all the bitcoins, the price will move down (because supply / supply is now increasing). Likewise, if traders suddenly want to buy lots of bitcoins, they have contributed to the bitcoin demand, so prices will move up. So if the price of bitcoin rises or falls, it has no affects on the price of the dollar.