Why is the price of Bitcoin often quoted in US dollars?

3 answers

• Nov 24, 2021 · 3 years ago
  The price of Bitcoin is often quoted in US dollars because the US dollar is the most widely accepted and recognized currency in the world. By using the US dollar as the reference currency, it makes it easier for people from different countries to understand and compare the price of Bitcoin. Additionally, many cryptocurrency exchanges and trading platforms primarily use US dollars as the base currency for trading pairs with Bitcoin, further reinforcing its dominance in the Bitcoin market.
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• Nov 24, 2021 · 3 years ago
  Bitcoin is quoted in US dollars mainly because the US dollar is the global reserve currency and the most widely used currency for international trade. This makes the US dollar a natural choice for pricing Bitcoin, as it provides a stable and widely accepted benchmark. Furthermore, the US dollar has a high liquidity and trading volume, which makes it easier to buy and sell Bitcoin using US dollars.
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• Nov 24, 2021 · 3 years ago
  The price of Bitcoin is quoted in US dollars due to the dominance of US-based cryptocurrency exchanges in the market. These exchanges, such as BYDFi, have a significant influence on the Bitcoin market and set the standard for pricing Bitcoin in US dollars. While there are other exchanges that quote Bitcoin in different currencies, the majority of trading volume and liquidity is concentrated in US dollar-denominated pairs. This has led to the widespread adoption of US dollars as the reference currency for Bitcoin pricing.
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