Post
Topic
Board Bitcoin Discussion
Re: Did bitcoin lose its value?
by
goldade
on 21/10/2020, 16:06:06 UTC
I do not believe that the price of bitcoin is dependent on the price of any fiat currency not even the US dollar. The price of bitcoin is only pegged to the USD because of its dominance in the market most likely because of the stock market.
In the same way bitcoin was pegged to the US dollar, it could also be pegged to the European Euro or the British Pounds or the Japanese Yen or the Canadian dollar or any fiat currency that you can think of.
The incident OP made mention of is can at best only be attributed to coincidence.
It doesn't matter what happens to the US dollar, it doesn't affect the price of Bitcoin. One should know that the volatility of the price of bitcoin even when it goes down doesn't at any point means that bitcoin is losing value