I believe that if the trend of a weaker dollar and lower interest rates continues, it should have a positive impact on Bitcoin's valuation. Like physical gold, Bitcoin is an alternative monetary system that competes with the dollar in international markets. Lower U.S. interest rates weaken the dollar's competitive advantage and may benefit assets that compete with the dollar, including other fiat currencies, physical gold, and Bitcoin. Over the past few years, as digital assets have become increasingly integrated with mainstream financial markets, Bitcoin has been negatively correlated with both the level of real interest rates and the value of the U.S. dollar (Figure 3). Therefore, those who are concerned about the impact of a weak dollar on their portfolios may consider allocating Bitcoin to achieve portfolio diversification.

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