Over the past ten years, the U.S. dollar, recognized as one of the most potent fiat currencies, has outpaced 115 national currencies, including 17 from G20 member countries. However, during the same period, the U.S. dollar was dramatically overshadowed by Bitcoin, the leading cryptocurrency by market capitalization. So, how did Bitcoin outperform the U.S. dollar?
The U.S. Dollar Versus Bitcoin: A Decade-Long Battle
According to data from Bitstamp’s BTC/USD price chart on TradingView, the U.S. dollar lost 99.52% of its value against Bitcoin from September 30, 2013, to the same date in 2023. This also denotes a price appreciation of over 22,000% for BTC against the USD.
Interestingly, 2013 was the year when the Chinese central bank initiated a crackdown on Bitcoin, forbidding local financial institutions from conducting BTC transactions. Around the same time, well-known indexes like CoinGecko and CoinMarketCap began tracking the price of the cryptocurrency.
Bitcoin’s Superiority Over Other Fiat Currencies
If Bitcoin was able to outperform the United States dollar by nearly its entire purchasing power in the last decade, it proved to be an even more robust currency option against other fiat currencies that suffered significant losses against the USD. Charlie Bilello, Chief Market Strategist at Creative Planning, updated a chart on September 28, indicating 115 fiat currencies that lost their value against the U.S. dollar over a decade.
Notably, even the second-worst performer, the Sudanese Pound, lost less of its purchasing power against the dollar than the dollar itself against Bitcoin.
Bitcoin’s Performance Against the Indian and Pakistani Rupee
Recent reports revealed how Bitcoin has performed against the Indian Rupee (INR) and the Pakistani Rupee (PKR) in 2023. Although there isn’t a 10-year record of BTC versus INR or PKR, given their losses of 24.7% and 63.6% against the dollar, it’s safe to conclude that their decade losses against Bitcoin were, respectively, 99.63% and 99.82%.
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