Strategic advisor at Tether and VanEck Gabor Gurbacs has taken to the X social media platform (widely famous as Twitter in the past) to point out a critical weak point in U.S. fiat currency due to Bitcoin’s explosive increase over the past decade.
Bitcoin’s 17,400% increase – “What happened to dollar?”
In his tweet, the top executive pointed out that since 2014, the world’s earliest cryptocurrency has demonstrated amazing growth of 17,400% as it gradually increased from $400 to the current $70,000 level on the charts.
Gurbacs believes that this not as much a question of what has occurred to Bitcoin over this decade as what has happened to the U.S. dollar, since BTC has been gaining so much value.
10 years ago Bitcoin traded around ~$400 per BTC, today it’s trading around $70,000 that is a 17,400% increase.
The question is not what happened to Bitcoin… the question is what happened to the Dollar?!
— Gabor Gurbacs (@gaborgurbacs) May 22, 2024
It is widely known that Satoshi Nakamoto came up with Bitcoin after the 2009 mortgage market crisis to ensure that a similar or a stronger shake-up does occur in the future. During that period, the Federal Reserve started printing money to bail out large banks and corporations (this is called quantitative easing in economic terms). The same repeated several years later during the banking crisis in Cyprus. Then, it resumed in 2020, when the pandemic started with multiple lockdowns around the world.
In 2020 alone, more than $6 trillion were printed and injected into the U.S. economy. This has been contributing to the ongoing devaluation of the U.S. dollar, as many experts have pointed out.
Bitcoin Pizza Day
Today, the global crypto community celebrates the so-called Bitcoin Pizza Day. Back in 2010 on May 22, a software developer who then resided in Florida, Laszlo Hanyecz, decided to make the first purchase of a physical object with Bitcoin.
He left a message on the BitcoinTalk forum, offering 10,000 BTC to anyone who would bring him two large pizzas or have them delivered to his house. Back in 2010, 10,000 Bitcoins were worth roughly $41. Now this amount of crypto would be evaluated at several hundred million U.S. dollars – not a bad reward for delivering two pizzas.
Traditionally, every year on this day, Bitcoiners arrange get-togethers, buy pizza with fiat or Bitcoin and eat it, talking about crypto.
