The euro (EURGBP=X) and British pound (GBPUSD=X) are losing ground to a rising dollar.
Now, a crypto advocate has cautioned investors that using cryptocurrency as a hedge against devaluing fiat currencies is "too late."
Investors believe the Federal Reserve's aggressive position on interest rates is unlikely to alter.
Which has resulted in the US dollar strengthening relative to the pound and the euro.
The pound has been rocked by the UK finance minister Kwasi Kwarteng's announcement of record tax cuts and the largest rise in borrowing since 1972
However, given the present macroeconomic headwinds, digital assets are not a wise choice for holding capital.