The US dollar’s current value of about $1.12 was on track to hit $1,225 on Monday, up from $1 and a quarter ago, according to a report from the Bipartisan Policy Center.
The US economy will expand by 2.6 percent in 2019, the report said.
The BPC also found that the value of the U.S. dollar’s exchange rate rose 0.5 percent from its last report, to 1.1428.
That compares with a 0.9 percent rise in the greenback’s value over the same period last year, and a 1.1 percent rise since January.
A $5 bitcoin would be worth about $7,900, according the report.
The rate on Monday was higher than what traders had expected to pay for a bitcoin exchange, but less than the 1.25 percent average rate that would typically be charged on a spot market.
That means that the amount that’s being traded for a dollar on a bitcoin market, or the exchange rate for a U.s. dollar, is actually much higher than it would be on a short-term spot market, said Andrew Ross Sorkin, a BPC research associate.
“We’ve been seeing the U,S.
dollars’ value come up in value in the last few years, but the market has just been able to keep pace with that,” Sorkins said.
“But that’s where the problem lies.”
Bitcoin prices rose more than 100 percent in 2017, but then dropped in 2018 and 2019, as investors turned to the digital currency’s more volatile rivals.
Sorkis noted that Bitcoin is trading at just under $1 at the moment, but that’s still much lower than its price at the beginning of 2017.