{"id":5612,"date":"2022-07-13T01:49:08","date_gmt":"2022-07-13T01:49:08","guid":{"rendered":"https:\/\/cryptoheretostay.com\/?p=5612"},"modified":"2022-07-13T01:49:09","modified_gmt":"2022-07-13T01:49:09","slug":"euro-hits-20-year-low-in-parity-with-the-dollar","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=5612","title":{"rendered":"Euro Hits 20-Year Low in Parity With the Dollar"},"content":{"rendered":"<p> <script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<\/p>\n<h3>Key Takeaways<\/h3>\n<p>The euro fell to a 20-year low of $1.0001 in Tuesday trading.<br \/>\nA potential cutoff from Russian gas supplies and recession fears have accelerated the euro&#8217;s downturn.<br \/>\nBitMEX&#8217;s Arthur Hayes has reaffirmed his view that Bitcoin could hit $1 million due to the collapse of the fiat money system. <\/p>\n<p>Share this article<\/p>\n<p>BitMEX co-founder Arthur Hayes said that the euro\u2019s slide was a sign that Bitcoin could hit $1 million by the end of the decade.\u00a0<\/p>\n<h2>1 EUR = 1 USD\u00a0<\/h2>\n<p>The euro is starting to look almost as shaky as some of the world\u2019s leading cryptocurrencies.\u00a0<\/p>\n<p><em>Source: TradingView<\/em><\/p>\n<p>The eurozone\u2019s official currency hit a low of $1.0001 today, bringing it within an inch of parity with the U.S. dollar for the first time since 2002. It\u2019s since posted a slight recovery, trading just over half a cent above the dollar at press time. Fears of a Russian gas cutoff and looming recession have prompted a 20% slide in the euro\u2019s purchasing power over the past few months, with the eastern European country\u2019s war on Ukraine accelerating the decline. Meanwhile, the U.S. dollar has strengthened thanks to the Federal Reserve\u2019s commitment to hike interest rates as it attempts to battle soaring inflation rates. The European Central Bank has been slower to act; it\u2019s due to choose between an initial 25 or 50 basis point hike later this month. <\/p>\n<p>Since Russia invaded Ukraine, economists worldwide have warned that a global recession could be likely. President Putin\u2019s repeated threats to cut off European gas supplies have escalated the fears as energy prices could continue to rise if Europe loses its primary gas source.\u00a0<\/p>\n<p>The declining value of fiat currencies like the euro has long been a point of discussion in crypto circles. Bitcoin was famously born out of the 2008 Global Financial Crisis; its pseudonymous creator Satoshi Nakamoto said that it was a response to central bank incompetency. As Bitcoin has a fixed supply of 21 million coins, crypto enthusiasts often describe it as a \u201chard money\u201d alternative to traditional currencies. Many of crypto\u2019s most ardent followers believe that fiat currencies are destined to fail on a long-term time horizon because they are designed to inflate. BitMEX co-founder Arthur Hayes memorably commented on the issue in an April blog post, saying that Bitcoin would hit a price of $1 million by 2030. He reaffirmed his bold prediction as the euro crashed Tuesday, arguing that the downturn was the first sign of a so-called \u201cDoom Loop\u201d in which central banks turn to yield curve control as fiat currencies start to collapse. \u201cBut please be patient, these things take time,\u201d he added.\u00a0<\/p>\n<p>Despite the sharp decline in the value of the euro, Bitcoin and the rest of the crypto market hasn\u2019t performed any better in recent months. The top crypto broke below $20,000 yet again today, bringing the global crypto market cap to just over $922.5 billion. It\u2019s around 70% down from its November 2021 peak.\u00a0<\/p>\n<p><em>Disclosure: At the time of writing, the author of this piece owned ETH and several other cryptocurrencies.\u00a0<\/em><\/p>\n<p>Share this article<\/p>\n<p>The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.<\/p>\n<p>You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.<\/p>\n<p>See full terms and conditions.<\/p>\n<p><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cryptobriefing.com\/euro-hits-20-year-low-parity-with-the-dollar\/?utm_source=category_feed&#038;utm_medium=rss\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Key Takeaways The euro fell to a 20-year low of $1.0001 in Tuesday trading. A potential cutoff from Russian gas supplies and recession fears have accelerated the euro&#8217;s downturn. BitMEX&#8217;s Arthur Hayes has reaffirmed his view that Bitcoin could hit $1 million due to the collapse of the fiat money system. Share this article BitMEX [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":5613,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[4],"tags":[],"class_list":["post-5612","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/5612","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=5612"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/5612\/revisions"}],"predecessor-version":[{"id":5614,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/5612\/revisions\/5614"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/5613"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=5612"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=5612"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=5612"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}