Bitcoin‘s BTC/USD price surge to new all time highs on Thursday is not merely crypto euphoria but a broader macro story: according to several leading executives in the digital asset space, that story revolves around weakening confidence in the U.S. dollar.
Bitcoin’s performance in non-dollar currencies
While Bitcoin has already achieved new all-time highs in USD terms, it remains just shy of similar milestones against the euro and Swiss franc.
Analysts say that may soon change as macroeconomic conditions shift further in BTC’s favor.
“Bitcoin isn’t underperforming in euros or Swiss francs—the euro and franc have simply been unusually strong,” said Shaaran Lakshminarayanan, founder of RWA yield platform Multipli, speaking with Benzinga. “With the dollar weakening, BTC is serving as the high-beta leg of the global ‘short-USD’ trade.”
This view is echoed by Maclane Wilkison, CEO of Threshold Labs, who points to broader dollar fragility earlier this year as a key factor.
“The recent BTC strength against the euro and Swiss franc likely reflects broader USD weakness earlier this year,” he said. “It’s likely that Bitcoin will soon break its all-time highs against both.”
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The macro backdrop
As U.S. inflation expectations drift lower and speculation about Federal Reserve interest rate cuts intensifies, the dollar’s grip on global markets appears to be loosening, benefiting alternative assets like Bitcoin.
“Bitcoin’s rally has coincided with falling U.S. bond yields and a weakening dollar index,” said Lakshminarayanan. “Conditions that generally boost alternative stores of value and risk assets.”
Even traditionally strong currencies may begin to feel the effects of monetary pivots.
Konstantins Vasilenko, Co-Founder of Paybis, noted that institutional interest is also driving price pressure.
“We’re seeing some of the heaviest institutional accumulation ever through the spot and ETF markets,” he told Benzinga. “From Michael Saylor’s continued purchases to BlackRock’s ETF surpassing 700,000 BTC, the demand-supply imbalance makes a case for higher price breakouts.”
Still, some caution remains. “The pace [of BTC’s rise] can feel a bit slow in the euro and CHF markets due to investor caution around broader economic pressures,” said Vasilenko. “But in the long term, more frequent breakouts cannot be ruled out.”
Overall, the experts agree: the current rally is not irrational exuberance but a reflection of Bitcoin’s positioning in a shifting monetary world order.
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