The topic of Bitcoin replacing the American dollar has gotten different people on opposite sides of the debate, with people raising valid points to support their arguments. Yet again, the question has resurfaced. Surprisingly, this time around, it’s the Grammy Award-winning Hip Pop star Cardi B that’s asking the question.
In a tweet published on Monday, Cardi B asked whether cryptos have what it takes to replace the US dollar. Founder and former C.E.O of Twitter Jack Dorsey took the opportunity to remind everyone of BTC dominance, emphasizing that BTC will be the new currency.
Several crypto communities trooped to the comment portal to put in a word or two regarding her question. A lot of these communities supported Dorsey’s claims and called it facts. Even Dogecoin’s co-founder took a swipe at the depreciating fiat note and even compared it to the joke coin.
Bitcoin HODL Continues
Bitcoin holders continue to hold BTC despite the fluctuating market prices. Report from Glassnode shows that BTC miners’ unspent supply is about 500 lower than the A.T.H., which suggests a strong HODL culture. The last time miners held more was in March last year.
As the various digital asset communities continue to uphold the HODL mantra, so as BTC continues to grow inevitably. Institutional adoption is one factor responsible for Bitcoin’s dominance in recent years. Even with the recent bear, the flagship crypto isn’t slowing down as more businesses across different sectors continue to adopt it.
Fortunately, the virtual currency market is recovering following a 3.9% increase in the last 24 hours. The market capitalization reached $2.25T and the total volume over the last day hit $98.8B, a 21.4% increase. Bitcoin seems to be doing pretty well thus far too, as the crypto surpassed the $48K level.
Rising Inflation: BTC Versus The Dollar
Bitcoin vs the US dollar came into limelight again following reports on U.S. rising inflation. With inflation on the incline, the big players have come to warn the citizens against the crash of the green bill followed by a steep fall in BTC.
The fall of the dollar may be seen as a way to amass more debt to take advantage of the low interest rates. The BTC crash, on the other hand, may be seen as an opportunity for many to invest. Either way, the crash is intertwined with the amassment of dollar debt, which investors can capitalize on to accumulate more Bitcoin.
Bitcoin rebounded from its bearish period with a 5% increase in the last day. Experts are predicting that BTC will increase to $56k before another major sell-off.