It is not Bitcoin Rising but Fiat Currencies Falling

It is not Bitcoin Rising but Fiat Currencies Falling

According to Stefan Molyneux, a well-known Canadian leader, it is essential to acknowledge free-fall in exchange rates, and especially to recognize the exponential growth rate of BTC.

Molyneux says: “It's not so much that Bitcoin is going through the roof - it's that fiat currencies are in free fall, but only Bitcoin is noticing.”

Our top trading bots

Falling currencies

For many decades, governments had absolute control over the global financial sector and monetary policy through the currency system. Due to this, the US Federal Reserve had the opportunity to inflate the offer of reserve currencies and manipulate the most widely used form of money in the world.

In the interview with Fox Business, significant electronics retailer Overstock CEO Patrick Byrne said that in the next few years fiat currencies will continue to fall as investors and the market are moving to decentralized money and the state.

The lower exchange rates are the only form of decentralized currency. Bitcoin and other cryptocurrencies on the market will eventually overtake reserve currency.

“You think that’s a bubble? What do you think that fiat currency you carry around in your purse is? This dollar stuff, it’s just some fiat currency based on … the surplus taxing authority of the US Treasury of which I assert there is zero ... It’s about time the world switches to real money. Either gold or Bitcoin,” said, Byrne.

Currently, two forms of money or assets are not subject to control and manipulation by governments - Bitcoin and gold. As Indian government demonstrated at the end of 2016, gold can be confiscated and returned to authorities at their request, due to the physical characteristics.

BTC confiscation of users’ funds and assets is not possible when users store them on the platform that does not relate to a deprivation of their rights, and they have full control over private keys and funds.

One of the main advantages of Bitcoin over gold is transportability. Gold is a viable store of value, given that investors can store a vast amount of money in the asset. However, the gold pass is difficult especially abroad.

Bitcoin will continue to evolve as the fall of fiat currencies

Considering that Bitcoin is the only viable alternative to fiat currencies, the decline of government-issued money will continue to bring more investors and ordinary consumers into the BTC market.

Thus, Byrne noted that the price of Bitcoin could reach $1 million in the long run. It will surpass the reserve currencies and challenge the gold market.

Byrne noted that the price of Bitcoin could reach $1 million in the long run. It will surpass the reserve currencies and challenge the gold market.

“We have all these currencies since Bretton Woods, fluctuating against each other, and maybe the dollar hasn’t gone to zero against these currencies, but all of them have gone down 95 percent ... versus something that they can’t control like … gold and Bitcoin. So Bitcoin may be on its way to a million for all we know,” adds Byrne.

‘US government does not stand for freedom’: Bukele reacts to US bill passing Senate committee
El Salvador president Nayib Bukele reacted to the news that the recently proposed Accountability for Cryptocurrency in El Salvador Act (ACES) had passed...
Gemini receives license to provide electronic money services in Ireland
Cryptocurrency exchange Gemini has received an electronic money license from the Central Bank of Ireland. It was the 18th organization to receive the license,...
AMC Entertainment CEO briefs community on crypto, NFT project updates in latest earnings call
During its Q4 2021 earnings call late Tuesday, Adam Aron, CEO of iconic theatre-chain AMC Entertainment, briefed the community on the company's latest crypto...
Exec at Composable Finance allegedly doxed as convicted fraudster Omar Zaki
Late Friday afternoon, decentralized finance, or DeFi, investigator @zachxbt published a series of tweets accusing fraudster Omar Zaki of hiding behind...
Clinton: Regulate crypto to stop manipulation by Russia and China
Former Secretary of State HIllary Clinton has said that cryptocurrency markets need stronger regulations to protect against technological manipulation by...
Nigeria's securities regulator establishes fintech unit to study crypto
In 2021, financial institutions operating in Nigeria have been the lever of a government crackdown on cryptocurrencies, beginning with February’s notorious...
Altcoin Roundup: Layer-one protocols chip away at Ethereum’s dominance.
The rise of decentralized finance and nonfungible tokens has transformed the blockchain ecosystem and generated near unimaginable riches for investors,...
Nexo in Miami: Crypto interest account giant talks DeFi, institutional adoption
While decentralized finance has stolen the show with big-number headlines over the past year — the closely-watched Total Value Locked (TVL) figure notably...
No, Bitcoin is not ‘technobabble’
Many years ago, I ran hedge funds on Wall Street. With a long pause for philanthropic and government work, I eventually found my way to blockchain, and...
South Korea reportedly set to approve cryptocurrency-focused fund
The Naver News service in South Korea has reported that the country’s Financial Supervisory Service is set to approve a crypto-related fund application...
Miami nightclub accepts Bitcoin as nightlife cautiously returns
A nightclub in Miami is set to return from oa COVID-19-related shutdown of over a year by accepting Bitcoin (BTC) and other cryptocurrencies as a form of...
Jump Trading backs fan tokens startup Chiliz
By Anna Irrera and Tom WilsonLONDON (Reuters) - Proprietary trading firm Jump Trading has made an equity investment in Chiliz, the blockchain company that...
Venture capitalists invest over $16B in blockchain equity since 2012
Did you know that between 2012 and 2020, over 3,000 blockchain venture capital deals occurred across the world? Cointelegraph Consulting has built the most...
Do $100K–$300K Bitcoin call options signal a bullish BTC price path?
The open interest on Bitcoin (BTC) Dec. 31 call options between $100,000 and $300,000 reached an impressive 6,700 contracts, which is currently worth $385...
Financial Services Giant Fidelity Launches Crypto Trading Platform
Fidelity Investments, a financial services titan with more than $7 trillion in client assets, has leapt onto cyber-money bandwagon too. This week the company...