Bitcoin Eyes Long-Term Benefits on Central Banks’ Dollar Ditch

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If global central banks are any indicator, the bitcoin price can continue its supersonic bull run despite hitting a pause in the past three weeks. At the core of the bullish theory is the US dollar. True, the global store of value has attempted impressively to emerge out of its 2020 bearish trend, the one that saw its value against the top six foreign currencies declined by 6.8 percent. This year, the US dollar index has rebounded by 2.60 percent on bets that the US economy would recover faster than expected. US dollar index shows signs of bottoming out. Source: DXY on TradingView.com But despite the greenback’s short-term growth, central banks around the world remain less convinced about its strength in the long term. Declining Reserves In retrospect, central banks remain the largest players in the foreign exchange market. They supervise over $12 trillion in reserves, so it is more…

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