Peter Brandt, a trading legend with decades of experience since the 1970s, recently shared his thoughts on the weakening U.S. dollar and why he sees Bitcoin (BTC) as a solid bet for preserving value. 

Brandt noted that while a dollar could buy a dollar’s worth of goods when he was born, it now holds just $0.05 cents of its original purchasing power. This sharp drop in the dollar’s value, he suggests, makes Bitcoin look like a promising store of value.

card

A dollar when I was born bought $1 of goods or services. Same dollar today is worth 5 cents. Purchasing power of $USD is being destroyed. It is the reason I think Bitcoin $BTC is a store of value bet. https://t.co/c1OtEjRUht

— Peter Brandt (@PeterLBrandt) July 23, 2024

This comment comes in the wake of Elon Musk’s recent post questioning the current state of the dollar’s value. The post also provided somewhat of a comparison of the U.S. dollar’s decline to the hyperinflation that plagued the Zimbabwean dollar, illustrating the sentiment of a mass of people, and influential figures too, toward the current economic situation.

Weak dollar = Strong BTC?

The conversation around the dollar’s erosion and Bitcoin’s potential is not new. On the same day, financial expert Robert Kiyosaki chimed in with his views on U.S. inflation. Kiyosaki, known for his book “Rich Dad Poor Dad,” suggested that Bitcoin might soar to $100,000 by next August as a hedge against inflation.

card

Brandt’s recent post aligns with this growing sentiment. He believes the U.S. dollar, along with other paper currencies, is losing its value rapidly. Looking ahead, Brandt predicts that a new system for handling payments and storing value will emerge over the next decade.