Is it true that Bitcoin is affecting USA dollar

[Mandy96]

I heard USA dollar is affected by Bitcoin because most of USA citizens are investing and converting their money to Bitcoin, so it’s affecting dollar.
If you ask me I will say I disagree because no matter how you can use Bitcoin in a country without eventually needing that country’s currency because as much as Bitcoin is widely accepted around the world it’s not accepted everywhere for example not all grocery stores do accept Bitcoin and not everybody or every seller will accept Bitcoin from you. Some people still see crypto as a scam while some believe it could crash anytime so I don’t think it should affect USA dollar as much as it is widely accepted in the United States of America.

 

[Mika]

I do not think crypto currency can affect a fiat currency, or let say US dollars. In fact, crypto currency is heavily dependent on fiat money for the operation. Crypto currencies have no value until it is associated with fiat money. For example, the current price of BTC is $45,000. BTC will have value only if has fiat value attached.

 

[Mandy96]

Well if you must know, most of the USA citizens that are into cryptocurrency are using Bitcoin massively and it is affecting dollar because most of them use this Bitcoin websites to borrow Bitcoin by so doing, firstly, they will have to withdraw their money from the bank and convert it into Bitcoin as a collateral, then they will borrow the Bitcoin and use it to invest and when the Bitcoin rises they will return the quantity they initially borrowed and still have some profits left. So for this reason most of them prefer to convert their money to Bitcoin.

 

[Mika]

If you are using fiat money to buy bitcoin, then how can you say bitcoin is affecting USD. The price pump of bitcoin and all other crypto currencies happens when people start to invest in crypto currencies. Investing in crypto currencies means you use your bank money to buy crypt currencies.

 

[Good luck]

Bitcoin is a crypto currency on it own and it has a string hold in the economy or society when it comes to market.It doesn't have any negative impact on dollar at all.Dollar is the major trading currency world wide and Bitcoin can not affect it in any way or another. The rate of Bitcoin is quite higher than dollar in the market.

 

[Alexandoy]

How did you hear about that rumor on Bitcoin in the US? It is easy to say that I had read or I had heard but you have to show your source if it is the newspaper or social media. With social media news we cannot rely on the authenticity because some of the posts in Facebook and Twitter are not verified to be facts. They just share what they see.