Bitcoin being regarded as “sound money” is a common refrain among many proponents of the popular cryptocurrency. With a finite supply of 21 million and a network secured by over 120 exahashes per second of computing power, the consensus among industry commentators has often leaned toward it becoming a global monetary superpower.
Barely a decade into its existence, Bitcoin’s inferred value is already the 11th-largest global monetary base. Earlier in November, Bitcoin became larger than the Russian ruble for the first time in history.
While fiat currencies buckle under economic strain exacerbated by the coronavirus pandemic, Bitcoin (BTC) has continued on its upward trajectory for most of 2020. Even though the price fluctuations are much more volatile, BTC is up about 120% year-to-date despite the Black Thursday event, a substantial decline suffered back in mid-March.
With economic recovery plans likely involving considerable stimulus packages, such cash injections are expected to cause significant devaluation in fiat currency values. If Bitcoin