The purchasing power of the US Dollar against Bitcoin is falling more and more, an analyst has stated.
Jacob Canfield, a popular cryptocurrency trader, ranked among top Bitcoin analysts on TradingView, inferred that the purchasing power of the US Dollar is drastically falling while that of Bitcoin is on the rise.
Canfield said in 2011, $1 was capable of purchasing 1BTC. However, in 2019, $1 can only purchase 0.00141BTC.
The above inferences made Canfield questioned if the price of Bitcoin going up or the purchasing power of the dollar going down.
After the analysis, Canfield then asked again, if there’s “anything that will stop the purchasing power of dollar from continuing to fall”.
Is the price of Bitcoin going up… or is the purchasing power of the dollar going down?
In 2011, $1 could purchase 1 Bitcoin.
In 2019, $1 can purchase .000141 of a Bitcoin.
Is there anything that will stop the purchasing power of dollar from continuing to fall? pic.twitter.com/9LY5JfeUb8
— Jacob Canfield (@JacobCanfield) December 15, 2019
Meanwhile, as at the time of writing, 1 Bitcoin is approximately $7,099.40, which means since BTC was created, investors in the digital currency have seen around 5,146.89 percent Return on Investment.
While Bitcoin maintains the $7,000 level at the moment, it has gone above $13,000 at some point in 2019, and in late 2017, Bitcoin also touched $20,000 mark in an inexplicable situation.
John McAfee on Bitcoin Price
Above statement by Canfield lends weight to John McAfee’s recent condemnation of Fiat currencies. The US presidential candidate, who has been on the run for some time now, said Bitcoin is better than fiat on every ground.
McAfee said Bitcoin has been up more than 4,000 percent in the last five years and in 2019 alone, it has seen around 130 percent price increase. McAfee is corroborating his prediction that Bitcoin price will reach $100,000 by 2020.
— John McAfee (@officialmcafee) December 13, 2019
To McAfee, the power of Bitcoin is increasing but it is becoming hard for people to keep their coins without government’s monitoring due to the laws in place.
McAfee has been a critic of centralized cryptocurrency exchange since government monitors everything that’s done on the platforms through KYC and AML.