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If the internal market allows you to buy steem with bitcoin ( or any other crypto) it would normalize. Steem is artificially low in internal market and sbd artificially high in external market and and no way to arbitrage ( he ratio in internal and external markets is about the same)

Coin Marketplace

STEEM 0.29
TRX 0.25
JST 0.040
BTC 94026.61
ETH 3324.25
USDT 1.00
SBD 7.55