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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 0.16
TRX 0.14
JST 0.028
BTC 59274.98
ETH 2600.78
USDT 1.00
SBD 2.44