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BTC to dethrone US dollar

This year, the US dollar has outperformed its counterparts. The currency showed great resilience and significantly strengthened against the euro and approached parity with the British pound. Meanwhile, the only serious contender for USD is bitcoin. Leaving all major currencies behind, the greenback aims to beat cryptocurrencies in terms of yields this quarter. The MVIS CryptoCompare Digital Assets 100 index has added 7.3% since June. At the same time, stocks, bonds, commodities, and gold depreciated while the DXY index peaked during that period. The greenback managed to benefit from falling traditional trading instruments amid monetary policy tightening. Bitcoin is trading at $19,300 and gained 22% on average, according to Bloomberg. The flagship cryptocurrency may become a real challenge for the US dollar. JPMorgan CEO Jamie Dimon called cryptocurrencies “decentralized Ponzi schemes.” However, he admitted that properly regulated stablecoins pegged to USD and other currencies could be used for transactions.


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