Reuters: Bitcoin headline delights fans
Mainstream news agencies are increasingly reporting positively about Bitcoin. They are beginning to recognise its true importance as an asset.
The US dollar index fell sharply today, continuing a 10-month run of bad luck. It is now at its lowest level since April 2018.
The international news agency Reuters published an article with the headline: „Dollar plunges amid hopes for US economic stimulus package; Bitcoin reaches new all-time high“. The article states that the slump is related to Bitcoin Circle the discussion in Congress about a second Corona stimulus package. The resumption of negotiations between US Treasury Secretary Steve Mnuchin and House of Representatives spokeswoman Nancy Pelosi is said to have contributed to this. The falling dollar is being contrasted with the rising Bitcoin exchange rate, which reached a new all-time high for a short time 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 2024 headline,“ said Erik Voorhees, CEO of ShapeShift and a longtime Bitcoin supporter, in a tweet about the Reuters headline. „But I think we should assume that it won’t just be a headline. There will be many in the years to come,“ Vorhees continued.
Some Bitcoin supporters compared the Reuters headline to the famous headline from The Times embedded in the Bitcoin genesis block: „Chancellor on the brink of second bank bailout“. In doing so, they played on the different circumstances between now and then.
In the past, Reuters did not report positively on Bitcoin, but that could change. Last week, the news agency published an article that examined the likelihood of $100,000 for Bitcoin by the end of 2021. The week before that, an article appeared on how this year’s „bubble“ differs from that of 2017.
The US Dollar Index is a measure of the value of the US dollar relative to a basket of other currencies
the euro, the Japanese yen, the pound sterling, the Canadian dollar, the Swedish krona and the Swiss franc.
Starting from 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 stands at 91.1, a low not seen for more than two and a half years.
The US dollar has also fallen over the years against a number of other currencies and popular assets, such as commodities and equities. The depreciation of the dollar through inflation has been accelerated this year as the US government has sought to mitigate the effects of the coronavirus in the form of stimulus packages. According to experts, this is contributing to the BTC price rising to all-time highs.