Bitcoiners love price predictions. Those price predictions are almost always framed in dollar terms. Even non-Americans will use the dollar as their measuring stick for Bitcoin’s value.

Nuri Katz, president of Apex Capital Partners, joined TheStreet Roundtable to argue that this framework is broken because the dollar is increasingly a poor way to understand the value of any asset.

The dollar’s role as the global pricing unit is eroding faster than most Americans realize, and Bitcoin’s pricing is still anchored to it, which Katz argues is the asset class’s most overlooked risk.

Related: Over $1.47 billion leaves crypto as Iran’s IRGC threatens

The dollar is already weaker than you think

Katz pushed back on the consensus that the dollar is still the world’s strongest fiat currency.

“The dollar has become incredibly weak. There’s a whole movement throughout the world outside of the United States… called de-dollarization,” he said.

The Israeli shekel recently reached 30 year highs against the dollar, and has appreciated 9% in 2026 alone. Bloomberg reported that the Russian ruble was the best performing fiat currency in 2025, rising 44% against the dollar.

The petrodollar is the clearest stress test. Indian refiners are now settling Russian crude oil purchases in Chinese yuan and UAE dirhams, processing roughly 60 million barrels per month outside the dollar entirely.

China-Russia trade and broader BRICS settlement flows now run mostly through CIPS, which links 4,800 banks across 185 countries, fully outside the SWIFT system.

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Pricing Bitcoin in a dying currency doesn’t work

Katz considers the price target debate as almost irrelevant because it has a flawed denominator.

“The value of Bitcoin is measured against the U.S. dollar. So today the Bitcoin is worth $76,000. We don’t measure it in how many bitcoins is Bitcoin worth. It’s always measured against the dollar. I think that’s a bit of a weakness,” he said.

Stablecoins compound the problem. The two largest, USDT and USDC, are both pegged to the dollar, meaning even crypto’s “cash leg” rides on the asset Katz is warning about.

“The price of Bitcoin may go up to a million dollars, which is what everybody here is hoping for. But that million dollars may only buy chewing gum. There needs to be a bit of a shift in how cryptocurrencies are measured,” he stated.

Until stablecoins, exchanges, and pricing tools decouple from the dollar, BTC’s “real” return is partly hidden. Crossrates like BTC versus gold, equities, or oil tell a meaningfully different story than the USD chart alone.

This story was originally published by TheStreet on May 27, 2026, where it first appeared in the MARKETS section. Add TheStreet as a Preferred Source by clicking here.