There is this very upsetting prediction in the air that when the price of Bitcoin rises, the performance of the USD deteriorates. At the end of the day, it is nothing more than a prediction that is the result of the panic and chaos that cryptocurrency sends booming into the fiat world. Many analysts and financial personnel over the years have ridiculed the effect of cryptocurrency on their fiat counterparts.
As for the ongoing performance of Bitcoin, there are various predictions surrounding that as well. According to an executive at Fidelity Investments, the price of Bitcoin might reach $100K by the end of 2023. But this doesn’t necessarily mean that the value of the US dollar is going to deteriorate or there’s going to be some kind of very negative effect of Bitcoin uprising to its fiat counterpart. There are some very strange things that are happening in the crypto space, and that is the clever effect of crypto adoption across the board.
USD Price is not Influenced by Bitcoin’s Performance
These are not the banks or financial enterprises that are interested in Bitcoin or other cryptocurrencies anymore; the media industry, retail markets, and E-commerce sites are equally chipping in to adopt crypto. It is common economics that when a dedicated asset is prioritized over some other, then the first one is definitely going to increase in value, and the other one might have to face some implications of the doing. So any hit that USD is taking right now might or might not be directly influenced by the amazing performance of Bitcoin and other cryptocurrencies within the crypto space.
In a recent interview, the Fidelity Investment director of global, Jurrien Timmer, has said that the overall price of the flagship cryptocurrency, which is Bitcoin, might get as high as $100K within the course of the next two years. When asked whether Bitcoin is a bubble that is going to eventually burst at $100K, Timmer said that he knows better to make such a bold prediction about Bitcoin on air. This directly answers various pathological questions following up the investment model of the crypto market, which is whether the whole thing is going to vanish in the upcoming years or is it going to stick for good.