Major companies are turning to Bitcoin as an alternative to the dollar amid rising US debt and global economic fluctuations

Bitcoin has seen a historic rise in value, reaching an all-time high of $112,000 per coin, an increase of 50% since its lowest level in April.

A recent report from Forbes revealed that amid the rising US debt exceeding $40 trillion due to massive government spending and the repercussions of the Corona pandemic, many major companies have started converting their treasuries to Bitcoin as a step to protect their assets from the erosion of the dollar's value.

MicroStrategy, a leading company in this direction, started in 2020, followed by dozens of companies that rearranged their financial strategies in the face of the declining value of the US currency.

Nick Bokerin, a Bitcoin and cryptocurrency analyst, investor, and founder of The Coin Bureau, said: "As the value of the dollar continues to decline, investors' reliance on Bitcoin as a safe haven will increase."

Brian Armstrong, the CEO of the cryptocurrency exchange Coinbase, said in comments that billionaire Elon Musk reposted on X, "If voters do not hold Congress accountable for reducing the deficit and starting to pay down the debt, Bitcoin will take on the role of the reserve currency."

Source: Forbes.