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It’s anybody’s guess, but there are two likely scenarios: Bitcoin loses a large portion of American investors who panic sell, cashing out in the form of another hard currency like the pound, euro, or yen. More Americans put their money in Bitcoin until the dollar starts to recover. Truth be told, both scenarios are likely to happen.
There’s been a lot of talk about the economic fallout of a collapsing dollar and, spoiler alert, it’s not good. But that doesn’t necessarily mean Bitcoin will collapse with it. For starters, there’s a finite supply of bitcoins—21 million tokens. And once all 21 million have been released into the economy, that’s it. No more will be created.
He told Cointelegraph when the dollar collapses, the Bitcoin will gap higher “by 10,000 at a clip” before making a run to $400k. “My target for BTC since 2011 has been $100,000 and I recently upped that to $400,000.
It is unlikely to do so if the price falls to zero. A crash would puncture the crypto economy. Bitcoin miners—who compete to validate transactions and are rewarded with new coins—would have less incentive to carry on, bringing the verification process, and the supply of bitcoin, to a halt. Investors would probably also dump other cryptocurrencies.
Breaking news to be discussed as countries exit the U.S Dollar as a reserve and trade currency due to China's big plan!
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