Bloomberg: Americans Trade Depreciating Dollars For Bitcoin

Bloomberg: Americans Trade Depreciating Dollars For Bitcoin


A Bloomberg article claims that Americans are foregoing the safety of the dollar for more speculative assets like stocks, gold, and Bitcoin (BTC).

High saving rates, low yields

Because of the COVID-19 lockdown, the personal savings rate in the U.S. is at a historic high. The yield offered by the financial institutions on savings accounts, however, is close to zero. At the same time, assets as Bitcoin, equities, and gold, all have made double-digit gains since March. This is making them an attractive option for investors.

Source: Bloomberg.

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The article mentions a 28 year-old Californian, who told the reporter that he is going to convert his $15,000 savings held in a high-yield savings account at Ally Bank into Bitcoin. He says that he is doing so because he expects long-term economic stagnation.

July was USD’s worst month in a decade

The reality is even worse than what the Bloomberg article posits. It is no secret that the dollar

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