The U.S. Dollar is sinking to the bottom of a twelve-year price cycle. However, some investors say this could be the most crucial and vital time for the world reserve currency in twelve years, as it is believed that the continuous decrease in the value of the currency will probably improve the price of BTC.
Since April this year, the dollar has fallen against other reserve notes. Some notable cryptocurrency investors believe that the depreciation of the U.S. dollar has impacted the positive trend of BTC.
OKEx CEO mentioned that a decline in the cost of dollar boosts the rate of Bitcoin. BTC is affected by the rate of dollars because investors usually value Bitcoin against the dollar.
A decrease in the price of dollar simply means it's price against Bitcoin will fall, resulting in an improvement in the value of BTC.
A cryptocurrency analyst, Wilcox, clarified that instead of BTC's value improving, it is the U.S. dollar price that depreciated. The decrease in the rate of the dollar has been due to the declining economy of the United States, and this was caused by the Corona Virus pandemic.
Source: Cointelegraph
