The dollar has lost more than 19,000,000% against Bitcoin since the year 2010. In August 2010, the dollar was equivalent to more than 1,754 million satoshis.
The growth achieved by Bitcoin (BTC) with respect to the dollar and other fiat currencies is very well known worldwide. Between August 2010 and August 2019, the price of BTC has gone from US $ 0.07 to US $ 11,756, according to data from Buy Bitcoin Worldwide. However, observing the situation from the opposite perspective, the process of loss of value undergone by the dollar has been in recent years can be seen more clearly.
The usdsat.com portal presents data allowing users to understand what has happened, through a graph that visually represents the fading of the fiat currency against the main cryptocurrency in the market. The website compares the value of the US dollar in satoshis, that is, the Bitcoin fractions.
At the time of writing this note, each US dollar was equivalent to 9,203 satoshis or 0.00009203 BTC. The same graph shows that in August 2010, the equivalent value was more than 1,754 million satoshis or 17.54 BTC per dollar. Between the two moments, the US fiat currency has lost a total of 19,063,196.40%.
Another interesting fact is that, during the largest bullish rally in Bitcoin history so far, the minimum value of the US dollar with respect to BTC was 5,170 satoshis per dollar. Since then, the US fiat currency has recovered value against the cryptocurrency, although only so far this year it has gone from more than 26,000 satoshis per dollar to the current 9,203 satoshis.
Cryptocurrency Market Growth
It is logical that figures like these lead Bitcoin users to keep cryptocurrency protected in the long term, as an investment method. In fact, according to figures from the Coinbase exchange house, it was recently learned that of all the cryptocurrencies used in the platform, BTC is the most used to “Hodl,” a term that is known in the ecosystem as the action of conserving an asset awaiting increases in its long-term value. According to the exchange house, Litecoin and Ether are the other cryptocurrencies mostly “Hodled.”
During the second quarter of the year, Bitcoin’s increase in price represented 165%, a figure presented by CoinGecko in its most recent quarterly report. These data respond to the increase in BTC from US $ 4,103 to US $ 10,888. During that period, the equivalent value between the US dollar and satoshis went from about 25,000 satoshis per dollar to just over 9,000, as recorded in the chart presented by usdsat.com.
The positions of analysts on the most immediate future of the market are diverse. However, the most recent predictions include that of Pantera Capital’s CEO, Dan Morehead. According to the executive, BTC could reach US $ 42,000 by the end of 2019. In that case, the equivalent value reflected by usdsat.com would be below 2,300 satoshis per dollar.
To conclude, it can be said that Bitcoin remains in a bullish trend despite the falls that it has suffered since its launch. Investors can feel safe as the cryptocurrency par excellence has proven to be the most stable.
By Willmen Blanco