Reuters runs the headline Bitcoiners have longed to read

Mainstream news agencies are beginning to provide positive coverage of Bitcoin, acknowledging its proper significance as an asset as the US dollar nosedives.

The U.S. Dollar Index fell sharply today, extending a 10-month losing streak that places it at its lowest point since April 2018. 

International news agency Reuters marked the occasion with a story headlined: “Dollar plummets on U.S. stimulus hopes; Bitcoin hits all-time peak.” The article noted the tumble coincided with today’s news of a second COVID relief bill being discussed in Congress and the recommencement of negotiations between the United States Treasury Secretary Steve Mnuchin and House of Representatives Speaker Nancy Pelosi. The piece contrasted the falling dollar with the rising price of Bitcoin, which  briefly surpassed all-time highs for the second day in a row on Tuesday.

I certainly didn’t expect to see a headline like this from mainstream press. pic.twitter.com/istPVkw9Sc— Dan Held (@danheld) December 1, 2020

“Looks like a headline from 2024,” remarked Erik Voorhees, CEO of ShapeShift and long-time Bitcoin advocate, in a tweet about Reuters’ headline, “but I guess we should assume it won’t be one headline, but many over the coming years.”

Some Bitcoiners compared the Reuters headline with that of the famed headline from The Times that is embedded in the Bitcoin genesis block: “Chancellor on brink of second bailout for banks,” noting the significance of the changes between now and then.

Historically speaking, Reuters isn’t known for its positive coverage of Bitcoin, but this may be changing. Last week, the news agency published a story examining the likelihood of a $100,000 price target for Bitcoin by the end of 2021, and the week before came a story about how this year’s “bubble” is different to 2017’s.

The U.S. Dollar Index is a measure of the value of USD relative to a basket of other currencies: the euro, Japanese yen, pound sterling, Canadian dollar, Swedish krona and Swiss franc.

Starting at a relative value of 100 in 1973, the index reached an all-time high of 151 in October 1984 and an all-time low of 71.8 in April 2008. It currently sits at 91.1 — a low not witnessed for more than two and a half years.

The USD has also fallen relative to a number of other currencies and heavily traded assets over the years, including many commodities and stocks. The devaluation of the dollar via inflation was sped up this year by the U.S. government’s attempts to provide COVID-19 relief in the form of economic stimulus, which, according to experts, is helping to drive the price of BTC to all-time highs.
http://dlvr.it/Rmr9Rg

You might be interested in …

Compound refused to compensate victims of unfair liquidation — Here’s why

Uncategorized

Compound governance refused to compensate COMP farmers right now, but the proposal may come back. On Monday, the majority of the Compound Finance governance community voted against a proposed compensation plan for users affected by the Dai liquidations that occurred on Nov. 26. Figures from the Compound governance dashboard show 681,290 votes against and only […]

Read More

USDC issuer Centre lands Wall Street veteran David Puth as CEO

Uncategorized

The company behind USDC has added a new face that could help further institutional adoption. Centre Consortium, the company behind USD Coin (USDC), has hired former State Street and JPMorgan Chase executive David Puth as its new CEO.  Centre made the announcement early Tuesday in a Medium post that praised Puth for his leadership credentials. […]

Read More

US Treasury Unveils Stifling Crypto Wallet Regulation — Experts Break Down the Rules

Uncategorized

The Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Treasury Department, has unveiled its proposed rules on transactions involving cryptocurrency wallets. Experts in the crypto community have weighed in on what the new proposed regulation means, what crypto owners should do, and which wallets are affected. FinCEN’s New Rules for Crypto Wallets The […]

Read More

Leave a Reply

Your email address will not be published. Required fields are marked *

css.php