The dollar plunged to its weakest level in more than two and a half years this week, as expectations of further fiscal stimulus from United States increased. On Monday, bitcoin set a new all-time high at $19,900, and gold hit an all-time high at $2,082 back in August. But the dollar has continued to drift lower against other fiat currencies as the pandemic worsens. The U.S. Dollar Index (DXY) has fallen from its highs of $102.82 in March to a low of $90.64 at the time of writing, a slide of nearly 12% this year. Historically, the U.S. dollar declines when the value of other currencies increase on a relative basis in the foreign exchange market. A declining dollar can also mean a fall in the demand of U.S. Treasuries, which is currently the case since yields are so low. The yield on the 10-year Treasury note, for example, is 0.586%. Yields will continue to fall as the Federal Reserve prints money to keep the economy afloat. If there's one thing the crypto community and bitcoin skeptic Peter Schiff can agree on, its that investors should be weary of the U.S. dollar. "The dollar is not just going down. It is going to crash," said Schiff in a Fox News interview. Last week, an Australian investment firm, Pendal Group, with over $73.6 billion in assets, announced they were starting to replace gold with bitcoin for high net worth clients. "We have been positioning in gold for our clients for many many years now. Now we’re doing it with bitcoin,” said one executive. In October, it was announced that Schiff is under investigation by tax authorities in five countries for financial crimes exposed by the Panama Papers and his involvement with Euro Pacific Bank in Puerto Rico, but no charges have been made.