A report said that mainstream news agencies are beginning to provide positive coverage of Bitcoin.
Reuters, the International news agency, marked the occasion with a story headlined:
“Dollar plummets on U.S. stimulus hopes; Bitcoin hits all-time peak.”
It has been reported that the article noted the tumble coincided with the news of a second COVID relief bill being discussed in Congress and the recommencement of negotiations between the United States Treasury Secretary Steve Mnuchin and House of Representatives Speaker Nancy Pelosi.
However, the piece contrasted the falling dollar with the rising price of Bitcoin, which briefly surpassed all-time highs for the second day in a row on Tuesday.
Erik Voorhees, the CEO of ShapeShift, said:
“Looks like a headline from 2024, but I guess we should assume it won’t be one headline, but many over the coming years.”
Likewise, some Bitcoiners compared the Reuters headline with that of the famed headline from The Times that is embedded in the Bitcoin genesis block: “Chancellor on brink of second bailout for banks,” noting the significance of the changes between now and then.
The US Dollar Index is a measure of the value of USD relative to a basket of other currencies: the euro, Japanese yen, pound sterling, Canadian dollar, Swedish krona, and Swiss franc. Starting at a relative value of 100 in 1973, the index reached an all-time high of 151 in October 1984 and an all-time low of 71.8 in April 2008. Now, it sits at 91.1, a low not witnessed for more than two and a half years.
The USD has also fallen relative to a number of other currencies and heavily traded assets over the years, including many commodities and stocks.
Thus, the devaluation of the dollar via inflation was sped up this year by the US government’s attempts to provide COVID-19 relief in the form of economic stimulus, which, according to experts, is helping to drive the price of BTC to all-time highs.