The devaluation of the dollar against bitcoin in the last decade has been a huge 99.998%. The equivalent of $ 1 10 years ago was 1.11 bitcoins (BTC). That is, 111 million satoshis, the minimum unit that BTC is divided into, which would now equal more than USD 58,000.
Now, the same dollar can only buy 1,906 satoshis or 0.00001944 BTC, according to the record of the usdsat.com portal, dedicated to tracking the purchase value in bitcoins of one US dollar.
This portal shows how the North American currency has devalued against bitcoin in recent years. After being able to buy more than 1 BTC 10 years ago, the dollar went to equivalents of 0.23, 0.003 and 0.00016 bitcoins in the following years.
Only of the year Last to date, the dollar’s fall has been 80% compared to the main cryptocurrency on the market. On February 17, 2020, the value of each USD was 9,818 satoshis or 0.00009818 BTC. That’s 5 times what each unit of the world’s current reserve currency can buy in bitcoin.
The collapse of the dollar has been such that it is not only manifested in its relationship with respect to bitcoin. Also the US currency index, the USDX, shows signs of the weakness of the national currency in recent times, reaching even the lowest levels in its history recently , as this medium has reported. And the dominance of the dollar as a central bank reserve looks destined to fall, as it has been doing.
Although there are many possible elements at stake, one of the problems that has been pointed out mainly in recent months is indiscriminate printing of money. Jerome Powell himself, president of the United States Federal Reserve, acknowledged that his country has been printing more money than necessary.
Bitcoin against the dollar over time
A few days ago, CriptoNoticias reviewed the tenth anniversary of bitcoin reaching 1 dollar for the first time in its history. The path traveled by cryptocurrency since then has been long, but with practically permanent growth.
This Wednesday, February 17, bitcoin surpassed $ 52,000 for the first time in its history and reached its historical maximum (ATH) around USD 52,600. Just the day before, the USD 50,000 barrier had been broken for the first time, something that would undoubtedly seem unthinkable 10 years ago, when the equivalent dollar with BTC was reached.
The rate of increase of the cryptocurrency against the dollar is so strong, that a few months ago we calculated that it had not yet managed to break the true ATH of 2017 when it exceeded USD 20,000, if inflation was taken into account. By that time, in December 2020, BTC had to exceed USD 21,000.
Now, just two months later, seems set to triple that price, which would place it exactly where the calculations of analysts such as the renowned Willy Woo point: USD 63,000 per bitcoin is its short-term target price. A candle similar to the one recorded just a few days ago, with USD 8,000 higher, would put BTC very close to that level.