Replying to Avatar Kudzai Kutukwa

PSA

The BTC/USD price pump is a reflection of how much the dollar is losing value against #BTC and NOT a measure of BTC’s value. In reality the value of BTC ISN’T going up but it’s the dollar that’s slowly going to zero against BTC. The BTC price is just the cost of getting off the fiat monetary system onto the BTC network. It’s an important point that sometimes gets lost in the weeds as #bitcoin is monetising
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Phil 1y ago

I hear this often and understand the perspective. But I’m not sure I agree — the price going to is also a reflection of Bitcoin’s growing adoption? And my purchasing power of my Bitcoin in real terms is going up?

1 BTC = 1 BTC for sure, but I think this argument you’ve stated is more apt at mature or full adoption. Then the price going up would only reflect the debasement of the paired currency.

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Phil 1y ago

*going UP; typo