Bitcoin and cryptocurrencies have rocketed higher this week as traders gear up for what could be an explosive 2026.
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The bitcoin price has topped $126,000 per bitcoin this week, climbing along with gold as the Federal Reserve is weighs a game-changing decision.
Now, as the bitcoin and crypto “floodgates” open, the billionaire chief executive of Wall Street giant Citadel has issued a serious warning over the dollar’s role as a global safe haven.
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U.S. dollar collapse has seen the greenback lose around 10% of its value this year as traders bet on gold, bitcoin and other currencies—pushing the bitcoin price and gold to record highs.
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“We’re seeing substantial asset inflation away from the dollar as people are looking for ways to effectively de-dollarize, or de-risk their portfolios vis-a-vis US sovereign risk,” Ken Griffin told Bloomberg.
“Gold is at record highs and the appreciation in dollar substitutes, in crypto, for example, is unbelievable.”
The bitcoin price has matched gold’s rally this year, with the pair surging as part of the so-called “debasement trade” that’s seen traders turn to hard assets like gold, silver and bitcoin as hedges against dollar debasement where money printing and inflation reduces purchasing power.
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The bitcoin price has rocketed to a fresh all-time high this week, rallying alongside the gold price as traders fret over the future of the U.S. dollar.
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“Inflation is substantially above target [now] and in all forecasts for next year,” Griffin said, pointing to inflation as one reason for the U.S. dollar’s 10% collapse in price this year—”the single biggest decline in the U.S. dollar over six months for 50 years.”