It is widely accepted that the US dollar (USD) has been one of the strongest traditional currencies for a long time. In the past decade, the USD has outperformed a total of 115 national currencies, including 17 G20 member countries. However, during the same 10-year period, the legal currency of the United States was left behind by Bitcoin (BTC) in a strong manner.
Data obtained from Bitstamp’s BTC/USD price chart reveals that the legal currency of one of the richest countries in the world cannot maintain its value against the leading cryptocurrency based on market value.
From September 30, 2013, to the same day in 2023, the US Dollar lost 99.52% of its value against Bitcoin. Interestingly, this also represents a price increase of more than 22,000% for BTC against the US Dollar.
In particular, the Chinese central bank triggered the collapse of Bitcoin in late 2013 and also prevented local financial institutions from conducting BTC transactions. It is also remembered as the year when some important indexes like CoinGecko and CoinMarketCap started tracking the price of the cryptocurrency.
Bitcoin’s superior performance against the US Dollar, using almost its entire purchasing power in the past 10 years, demonstrates that BTC is a stronger asset option compared to other legal currencies that have suffered significant losses against the US Dollar.
Charlie Bilello, the Chief Market Strategist at Creative Planning, shared an updated chart on September 28, considering a 10-year time frame, which includes 115 currencies that have lost value against the US Dollar.
An interesting example is that even the second worst-performing currency, the Sudanese Pound (SDG), has experienced less value loss against Bitcoin compared to the US Dollar.
Recently, the performance of Bitcoin against the Indian Rupee (INR) and the Pakistani Rupee (PKR) in 2023 was shared. Although BTC does not have a 10-year history against INR or PKR, it is accurate to say that the losses against Bitcoin are 99.63% and 99.82%, respectively, considering the losses of 24.7% and 63.6% against the US Dollar.