Although Bitcoin is reaching record highs in several countries, its current value remains 24% below its previous all-time high of nearly $70,000, which was reached in November 2021.
Bitcoin’s surge of over 15% this week has propelled it to achieve new all-time highs against various weakening fiat currencies like the Argentine peso (ARS), Japanese yen (JPY), Turkish lira (TRY), and Nigerian naira (NGN). Many are now eagerly awaiting the moment when Bitcoin will reach a new all-time high against the United States Dollar (USD).
Bitcoin Hits New All-Time Highs Against Depreciating Fiat Currencies
Bitcoin (BTC) has reached new all-time highs (ATHs) against several depreciating fiat currencies, reflecting growing interest in alternative assets amid economic instability.
In Argentina, BTC surged to a valuation of 40 million ARS, as the Argentine Peso has significantly depreciated against the USD over the past six years, prompting Argentinians to seek refuge in alternative assets like BTC and USDT.
In Japan, BTC soared to a new peak of 7.9 million JPY on the Tokyo-based crypto exchange bitFLYER, surpassing its previous record in November 2021. The weakening of the Japanese yen, which has fallen to 150 against the USD, has contributed to this milestone, leading to concerns as Germany overtakes Japan as the world’s third-largest economy in terms of the dollar.
Bitcoin’s value in Nigeria has also seen a notable increase, reaching approximately 75 million NGN, compared to the 30 million NGN recorded during its previous ATH against the dollar in November 2021. Despite the Nigerian government easing its stance on cryptocurrencies, the country continues to grapple with inflationary pressures.
Meanwhile, in Turkey, BTC is valued at 1.6 million TRY, with the Turkish lira facing significant inflation amid political uncertainty. These developments underscore the growing appeal of Bitcoin as a hedge against economic uncertainty and currency devaluation.
Bitcoin Flourishes as Emerging Market Currencies Fall
Countries like Turkey, Nigeria, and Argentina are among several nations facing currency depreciation against the US dollar, a trend also observed in countries like Egypt, Lebanon, and Pakistan.
Despite Bitcoin (BTC) trading at a premium in these nations, it remains 24% below its November 2021 all-time high (ATH) of nearly $70,000 when measured against the US dollar.
On-chain analysts suggest that despite recent surges, Bitcoin still has room for growth. With the upcoming Bitcoin halving event, historically associated with bullish cycles, and increasing inflows from new exchange-traded funds (ETFs), some predict BTC could reach $150,000 by year-end.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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