Bloomberg: Americans Trade Depreciating Dollars For Bitcoin

Published on by Cointele | Published on

Low-yielding dollar savings accounts aren't cutting it for Americans anymore.

Listen to article A Bloomberg article claims that Americans are foregoing the safety of the dollar for more speculative assets like stocks, gold, and Bitcoin.

Because of the COVID-19 lockdown, the personal savings rate in the U.S. is at a historic high.

The yield offered by the financial institutions on savings accounts is close to zero.

At the same time, assets as Bitcoin, equities, and gold, all have made double-digit gains since March.

The article mentions a 28 year-old Californian, who told the reporter that he is going to convert his $15,000 savings held in a high-yield savings account at Ally Bank into Bitcoin.

The reality is even worse than what the Bloomberg article posits.

It is no secret that the dollar is rapidly depreciating against other leading fiat currencies.

According to the Financial Times, July is the dollar's worst month in a decade.

Americans may likely have more depreciating fiat on their hands in the short term, and could seek to convert their holdings into higher-yielding assets.