Bitcoin hit a new all-time high at $122.8k — at least in USD terms. But here’s something most people overlook: the dollar has dropped almost 11% this year. That changes the picture 💵
🔍 When your measuring stick (in this case USD) is shrinking, every asset priced in it looks like it's pumping. But if you priced Bitcoin in stronger currencies like EUR, the ATH wasn’t even broken — the January 20 high in euros still stands 😮
This shows how important it is to track the value of your denominator. A lot of this rally wasn’t just Bitcoin strength, it was dollar weakness ↘️
The current presidential administration doesn't even pretend to plan to save the DXY. They even benefit from devaluing dollar because of trade wars.
👉 Politicians are never interested in cutting government spending and it won't be long before the Fed lowers the interest rate, which will lead to an even greater increase in the money supply.
In short, denominator is worthless, all fiat currencies look bad, everyone knows it and buys anything that can protect their capital, including our beloved Bitcoin 🟠