CEX blog. IO | In bitcoin, the world has a new alternative to the dollar

The events of 2020 and the dollar crisis have led to many investors turning to Bitcoin as ato wait out economic disasters.AlexanderYanyuk, expertCEX Finance. IO Broker, gives your opinion why the first cryptocurrency gained such popularity.

Since the beginning of 2020, Bitcoin has shown a significant increase in price - in dollars it has risen in price by 115%, and in rubles by as much as 175%.

This was largely triggered by a massive monetary issue by the central banks of developed countries to help the economy and citizens during the global quarantine.The attempt to "fill" economic problems with money led to the flourishing of the new currency.

This monetary policy has had a negative impact on the exchange rate of most freely convertible currenciesIn this situation, for example, many investors and companies regarded bitcoin as an ideal tool.to protect against inflation, as its emission is strictly limited.

Sharp jump in bitcoin against the dollar in recentseveral days is explained by the presidential elections in the United States. The coin is growing in value thanks to Democrat Joe Biden, whose official victory, apparently, was only a matter of time.

The victory of the Democratic candidate promises more soft economic policy and more measuresto support the U.S. economy and consumer demand than would be expected fromThis will put more pressure on the dollar.Therefore, the BTC/USD rate automatically reacted to the outcome of the US presidential election.

We can expect that the price of BTC will reach 18 thousand dollars by the end of 2020.

 

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