Post
Topic
Board Bitcoin Discussion
Re: Did bitcoin lose its value?
by
bitcoin admirer
on 02/03/2021, 12:53:29 UTC
Bitcoin is not pegged to the USD, it is only prices against it, it can equally be priced against other fiat assets, gold as well as other cryptocurrencies. This means that a decrease in the value of one currency would lead to a increase in Bitcoin's value when prices against it, this becomes clearer when we consider that Bitcoin has surpassed its recent all time high, against several currencies which has suffered huge inflation.
So you say bitcoin rose due to inflation in other surrencies?
inflation makes investment like bitcoin more valuable, them more people may choose to buy bitcoin to achieve wealth maintenance, then bitcoin rises, that's the logic. the depreciation of dollar makes cryptocurrencies more popular.