I’m not an economist, but as an American it feels really weird for Bitcoin to be dropping in value at a time when the dollar is being diluted through massive inflation.
What I think I figured out today, is that because Bitcoin is a global currency, and because the global economy is horrible at the moment, people around the globe are selling Bitcoin to survive. That’s the major driver; not fear of Bitcoin being a bad investment. They just need cash right now.
Now that sell off may have triggered some fear as the price dipped, but this makes me believe that it could come back really strong and really fast as the global economy stabilizes. Especially when combined with the massive inflation of the dollar.
Thoughts?
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