Investors were overjoyed to see the alternative currency, the “dollar”, reach the long-awaited milestone of 0.000050 Bitcoin today.
While many dollar bulls have been predicting this could happen, the market had its doubts about the weak currency.
“While it’s kind of sad that it’s so worthless compared to Bitcoin, it’s nice to see those guys get a win for once,” cryptocurrency investor Devon Perry said about US Dollar investors.
But many investors remain bearish on the dollar because of its limited capability.
“Can it even buy anything?” asked one Twitter user. “I think I’ll just stick with Ethereum for now – much safer.”
Others have expressed doubt about the efficiency of the market for evaluating the dollar. Economics professor Grant Heff says the market for the US Dollar is just too illiquid because “no one actually wants to use it.”
Many US Dollar holders presumably cashed in their holdings for crypto, so the spot price immediately tanked back below 0.000050 Bitcoin.