Bitcoin is the largest cryptocurrency in the world, uses decentralized digital technology. It is issued and used for trading without the management of any central authority such as government, company, or bank. Bitcoin is hoped to become a kind of currency that can replace the US dollar.
Recently, Pierre Rochard, a notable Bitcoin lover, stirred up discussion on the fact that the US Dollar has not succeeded as a “financial savings know-how” on Twitter. He said that because of inflation, the USD was not considered as a saving money way, it should better be investments or eat. Although this obviously brought out calls of support for cryptocurrency, it has to fiat currencies have become ineffective means of retaining value admittedly.
Due to inflation the USD has become completely unusable as a savings technology, everyone has to immediately invest or consume.
— Pierre Rochard (@pierre_rochard) November 12, 2019
A mostly of Bitcoin community approves with this statement, due to more and more disillusioned with state-backed forms of currency. Additionally, it is believed that operating outside of traditional fiat is a profitable option.
Due to inflation the USD has become completely unusable as a savings technology, everyone has to immediately invest or consume.
— Pierre Rochard (@pierre_rochard) November 12, 2019
The debate isn’t over whether this is true or not, the debate is over whether it’s a good or bad outcome. https://t.co/1CiWpAYnjm
— Pierre Rochard (@pierre_rochard) November 12, 2019
Although it may not seem surprising when the crypto community is already on board with this idea, the truth is that the US Greenback has lost the vast majority of its value during the last 100 years, and so far. According to the chart below, you can see the loss in the purchasing power of USD during the last century:
In fact, inflation is the cause behind it when the United States Federal Reserve prints more USD every year. Cameron Winklevoss, recently, given out as 20 trillion reasons to own Bitcoin, as previously reported. Because of the inherent deflationary nature of Bitcoin and many cryptocurrencies, it is supposed to be perfectly positioned to act as a hedge in the face of a future global recession.
The most important thing now is disseminating this information to a wider audience, since many still hold large amounts of cash as savings. Getting more people to put even a few of that into digital assets might help particular citizens and the crypto market alike.
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