Bitcoin Weathered the FX Storm Very Well (Patreon)

Yen as I discussed today on DCA is in serious trouble. It is raising concerns about Japan's ability to attract talent and investment. The currency sank past 150 to the dollar to a new 33-year low today. A weak yen could make Japan less attractive to migrant workers from Vietnam and elsewhere even though the country needs another 5 million workers between now and 2040 by one estimate. This is part of the whole negative birthrate ie Taiwan, South Korea, Singapore, Macau, China, Hong Kong, Puerto Rico, Greece, Japan etc

Japan also has flight risk - ie the risk of capital flight. Retail investors are shifting money into higher-yielding foreign currency deposits or overseas stocks.

The rising U.S. dollar was a dominant global force in Q3, crushing all other currencies. Viewed through this lens, bitcoin held up remarkably well. 

Q3 was tough for major global currencies and gold. The top global currencies (EUR, GBP, JPY, CHF) and the Chinese Yuan all fell 3-8% against the mighty U.S. dollar. Gold also declined 8% in USD terms.

Meanwhile, Bitcoin bucked the trend, rising 3.1%.

Got some great press also with The New York Times running an article with the headline: “Currencies around the world are tumbling. Except for Bitcoin.”