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If that were true, you would expect to see that: 1. The exchange rate between USD and other currencies fluctuates about as much as USD/BTC. 2. The exchange rat
by MichaelDickens 6y ago
If that were true, you would expect to see that:
1. The exchange rate between USD and other currencies fluctuates about as much as USD/BTC.
2. The exchange rate between BTC and other currencies is relatively stable, or at least uncorrelated to the USD/BTC rate.
But in fact you see neither of these. So either (1) all developed-market currencies are seeing massive fluctuations that are all somehow perfectly correlated with each other, or (2) BTC is the one that's fluctuating, not USD.