According to the latest chart, Bitcoin is apparently becoming a popular foreign currency. The leading cryptocurrency is surely becoming a global phenomenon, however, the fact that Dollar has been around since 1792, Bitcoin has still a way to go.
Bitcoin – A Global Phenomenon
Bitcoin is currently down 82 percent from its all-time high at around $3,450. The leading cryptocurrency is expected to hit its bottom sometime around this year with more losses coming its way.
However, according to the latest data shared by Dennis Parker of Xentagz, Bitcoin’s price crashing down might be seen as a buying opportunity than being on a death spiral, at least in comparison to Dollar.
— Dennis Parker⚡️ (@Xentagz) January 29, 2019
Well, not everyone agrees with this analysis as one Redditor commented, “Are we seriously assuming that Google Search trends are a good proxy for this? I mean clearly buying Bitcoin is a more complex task that requires some internet research, while buying dollar has been a de-facto action known to common-folk for decades, thus requires much less “google search”.”
Another one agreed, “…Kuwait Dinar to USD vs volume of Bitcoin purchase from Kuwait …” Nobody wants to see that chart because Bitcoin will not compare. In fact, bitcoin trading volume to fiat currencies will be so small relative to the USD, that it might even be nearly impossible to see. USD is the reserve currency/king of the world.
Dollar Has been Around Since 1792
It makes sense that the chart couldn’t be on the point as the dollar has been around for a long time. According to ADVFN,
“The dollar was chosen to become the monetary unit for the USA in 1785. The Coinage Act of 1792 helped put together an organised monetary system that introduced coinage in gold, silver, and copper. Paper notes or greenbacks were introduced into the system in 1861 to help finance the Civil War.”
In comparison, Bitcoin has been around for only a decade now. However, it’s also worth noting that countries like Venezuela and others from all around the world that are going through an economic crisis are leaning towards Bitcoin and cryptocurrencies. Also, countries like Russia, China, India, and Iran among others are working on de-dollarization that have upped the interest in Bitcoin and affected the demand for US Dollar.
However, we are still a long way from beating the US Dollar as the popular foreign currency. But the fact that people are searching about Bitcoin and that too all over the globe is a good sign for the leading cryptocurrency and the crypto market as a whole.
Disclaimer The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
Having a background in writing, I worked on a wide array of industry topics and have recently entered the world of Blockchain and Cryptocurrency.