Bitcoin Surges to New All-Time Highs Against Depreciating Fiat Currencies
Bitcoin's Recent Rise of Over 15% Spurs New All-Time Highs Against Depreciating Fiat Currencies
Bitcoin's recent increase of over 15% this week has led to new all-time highs (ATHs) against several depreciating fiat currencies, including the Argentine peso (ARS), the Japanese yen (JPY), the Turkish lira (TRY), and the Nigerian naira (NGN). This surge in value raises questions about when Bitcoin will reach a new ATH against the United States Dollar (USD).
Argentina Embraces Bitcoin as Peso Declines Against the USD
In Argentina, Bitcoin reached a new ATH, as the country's currency, the Argentine Peso, has declined roughly 99% against the USD in the last six years. This significant depreciation has prompted Argentinians to explore alternative investment options like BTC and USDT for more stability.
Japan Sees Bitcoin Value Soar Amidst Yen Depreciation
Bitcoin's value in Japan exceeded 7.9 million Yen on the Tokyo-based crypto exchange bitFLYER, surpassing its November 2021 peak. The yen's depreciation, falling to 150 against the USD, has contributed to Germany overtaking Japan as the world's third-largest economy.
Nigeria Witnesses Dramatic Increase in Bitcoin Value amid Struggles with Inflation
In Nigeria, the value of Bitcoin currently stands at approximately 75 million NGN, a stark increase from the 30 million NGN value when Bitcoin reached its ATH against the dollar in November 2021. Despite the Nigerian government's initial resistance towards cryptocurrencies, the country continues to grapple with inflation.
Turkey Faces High Inflation and Political Uncertainty as Bitcoin's Value Surges
As Turkey deals with high inflation rates and political uncertainty, Bitcoin is currently valued at 1.6 million TRY in the country. Other nations, including Egypt, Lebanon, and Pakistan, also experience similar currency issues with sharp declines against the USD.
Bitcoin Shows Potential for Further Growth Despite Trading at a Premium in Several Countries
Although Bitcoin trades at a premium in these countries, it remains 24% less valuable against the USD compared to its November 2021 ATH of almost $70,000. Despite the recent surge, analysts suggest that there is potential for further growth. With the upcoming Bitcoin halving event, historically associated with bull markets, and increased inflows from new exchange-traded funds, predictions have emerged that Bitcoin's price could reach $150,000 before the year's end.
Analyst comment
Positive news. Bitcoin’s recent increase against depreciating fiat currencies indicates its value as a stable investment option. As the USD ATH is yet to be reached, there is potential for further growth, especially with the upcoming halving event and increased inflows from new exchange-traded funds. Analysts predict Bitcoin’s price could reach $150,000 by the year’s end.