The world’s oldest Bitcoin mining pool, Slush Pool, has inscribed Reuters’ famous headline, “Dollar plummets on U.S. stimulus hopes; Bitcoin hits all-time peak,” on block number 659678. The same was done on 2 December, with the mining pool revealing the same a few hours ago, adding that the miners wanted to “immortalize” the bullish headline for Bitcoin.
Our miners asked us to immortalize it.
— Slush Pool | Braiins (OS+) (@slush_pool) December 2, 2020
The aforementioned headline has a very symbolic importance in the Bitcoin community since it conveys, in just one sentence, what the larger cryptocurrency and Bitcoin markets have been trying to underline all along. In fact, the headline in question was for an article that addressed the weakening of the U.S dollar following news of a second COVID-19 relief bill being discussed by the United States Congress.
Bitcoin and its proponents have for long questioned the rationale behind payouts to banks and economic stimulus packages. In fact, back in April 2020, the Federal Reserve had announced that it would pump $2.3 trillion into the economy, a figure that raised many eyebrows, even in the crypto-community. Since then, not only has Bitcoin recovered, but it has climbed to new heights too, with the world’s largest cryptocurrency recording its ATH recently.
This aforementioned message thus plays an important role in defining the present-day utility of Bitcoin. Interestingly, the latest inscription is also a tribute to the first such inscription, one authored by Bitcoin’s creator Satoshi Nakamoto. The anonymous Nakamoto inscribed a 2009 headline from The Time onto the genesis block. It read,
“Chancellor on brink of second bailout for banks”
While Bitcoin hit an all-time high of $19,892 on 1 December, the U.S Dollar was showing signs of weakness, a development that was viewed with some degree of satisfaction by many in the crypto-community. In fact, the recent developments are also a callback to mainstream media being cynical about the market after Bitcoin plummeted on the charts following its previous ATH.
While skeptics like Peter Schiff still aren’t impressed, he recently noted, “U.S. dollar is now trading at its lowest level against the Swiss franc since Jan. of 2015,” adding that 2021 maybe the worst year ever for the USD, at least until 2022. With Bitcoin breaking away from the stock market and noting a strong market fundamentally, the skeptics may have to re-think their stance on this evolving technology called Bitcoin.
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