Bitcoin has hit a new record in 2020, and could potentially top almost $ 20,000 for the first time in its history. Along the way, since the creation of the very first cryptocurrency, the US dollar has lost more than 99% of its value against BTC.
It’s a scenario that’s hard to imagine, but as whistleblower Edward Snowden points out, it’s true and backed up by data. Here’s a look at how this amazing achievement happened in less than a decade.
Edward Snowden draws attention to the cryptocurrency milestone
Edward Snowden is a pioneer in the privacy movement, which gained significant notoriety for leaking classified NSA documents that drew attention to mass surveillance going on under everyone’s noses.
As the Internet exploded, so did the wealth of personal and private information that was made available for bad actors to take advantage of.
Cryptography, the computer technology at the heart of Bitcoin, is a solution to keep certain information private and out of the prying eyes and hands of governments and criminals.
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Satoshi Nakamoto and other early Bitcoin supporters were ‘cypherpunks’ laser-focused on creating a layer of privacy on the web, emails, and even money. The late Hal Finneyoften suspected of being the creator of Bitcoin, was a developer of PGP – a technology called “Pretty Good Privacy” that is still used to encrypt emails even today.
These early protectors of digital privacy, such as Snowden, and their beliefs set the stage for Bitcoin to be created to take over the dollar and the control the US has through it.
Today I learned that since 2013 the dollar has lost 99.93% of its value (against Bitcoin). https://t.co/txthu3YMIk
– Edward Snowden (@Snowden) December 7, 2020
The road since 2013, when Snowden became the polarizing figure he is today, has resulted the US dollar fell a whopping 99.93% against Bitcoin.
The US dollar has fallen 99.93% against Bitcoin since 2013
No, we are not referring to some “shitcoin” that was born from an ICO and after the crypto bubble emerged it fell 99.93% against BTC based on their ratio. This is the US dollar, the dollar and the global reserve currency Bitcoin has eaten alive.
Because the dollar is so dominant worldwide, it is the currency against which all other exchange rates of assets are fixed. It is also the most common trading pair against crypto assets, forex, stocks and more. In fact, it is the current measure of all money.
The dollar falls 99.93% against Bitcoin over the last ten years | Source: BTCUSD on TradingView.com
When you flip the BTCUSD chart upside down, you basically have a USDBTC chart showing how far the dollar has fallen against the very first cryptocurrency since 2013.
Related reading | The dollar losing a ten-year trend line could cause Bitcoin to skyrocket
As Snowden says, there has been a complete 99.93% decline in less than ten years. And with Bitcoin poised to break past $ 20,000, the decade of the dollar’s demise could end in one cryptocurrency-fueled climax and a change of guard in terms of unit of account and global reserve currency.
Featured image from Deposit Photos, Charts from TradingView.com