[arcticbull]

To be clear, inflation isn't exchange rates. That's a change in how much you can buy in a foreign country with your currency - and how much of your goods they can buy with a unit of their currency, not how much you can buy at home.

Bitcoin's purchasing power fell equivalently the world over and so inflation is a more useful benchmark to compare the loss in purchasing power than foreign exchange is.

[dcolkitt]

In most of those cases, you'd see similar declines if you benchmarked against a trade-weighted basket of G10 currencies.