One of the fundamental characteristics of Bitcoin that its champions find attractive is its boundedness; there will only ever be 21 million coins. The argument goes that the value of the cryptocurrency is, therefore, immune to devaluation by an increase in supply, unlike the US dollar

US policymakers did not hesitate to deploy massive fiscal and monetary stimulus to rescue their economy from the 2008 financial crisis and, more recently, the covid-19 pandemic.

The increase in borrowing and money supply that comes with this action arguably creates an overhang for both the strength of the greenback and the US economy in years to come. The Asian powerhouses like China, South Korea, and Taiwan have managed to avoid doing the same, improving their long-term growth prospects relative to the US.

“So, either because these countries haven't had to print money because their economies have actually done quite well, or because they haven't been able to because they don't want to have a very significant weakness in their currency, emerging markets countries have not borrowed growth from the future. So, they look very well set up in economic terms going forward.”

David Semple, Portfolio Manager at VanEck Emerging Markets

Read more here Emerging market outlook for 2021