Bitcoin is not looking as unstable and risky as usual this week.

This is what is commonly referred to as a “backhanded compliment.”

It’s not like the value of a coin has soared to new heights or even stabilized from where it was months ago; it just means it has been a terrible week for currencies around the world. 

The global markets have been pummeled for a variety of reasons, including inflation that is on the rise throughout the world and just overall fear and insecurity.  

Want some examples? The British pound has fallen 5% in a week, partly because of that country’s leadership change. 

China’s yuan is down, and clearly, that country has all sorts of economic warning signs, including its real estate market and response and overreaction to a case of covid. 

But look at Bitcoin hanging tough this week, up 6.3% the past seven days and getting close to the $20,000 mark. 

Here’s a tweet from Sven Henrich of the research firm NorthmanTrader that Fortune showcased in a story. 

“You know we’ve reached a unique time in history when #Bitcoin suddenly is less volatile than fiat currencies.”

Again, don’t start thinking Bitcoin is some stable currency because it’s had a rough week of September with a spike here at the end of the month.  

Some people that have been gloating over the crash of Bitcoin this past year have had to eat a little crow. Bitcoin Magazine pointed out a quote from Bank of England Governor Andrew Bailey, who is not a crypto fan. “Be prepared to lose all your money in Bitcoin and crypto,” he recently said. 

Maybe not quite yet, however.  Bitcoin Magazine tweeted a reminder that the British pound is down 12% since Bailey made that statement. 

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