8 Countries Hit By Rampant Inflation See Bitcoin Prices Hit All-Time Highs
The price of bitcoin touched new highs in 2020 and several supporters are optimistic that the value of the cryptoasset will rise. In addition to the high price of bitcoin this year, around eight different countries have seen bitcoin touch all-time highs (ATHs) in their local currency. The bitcoin ATHs in these countries show how rampant inflation has devastated these currencies to a great extent over the past year.
2020 has been a difficult year when it comes to the global economy, and the nation-state’s responses to the coronavirus made things worse. Cryptocurrency markets fell significantly in mid-March following the “Black Thursday” market crash, but have been back in a big way since.
For example, the price of bitcoin (BTC) has risen more than 261% since the value fell to $ 3,600 on March 12, 2020. BTC touched a 2020 high on October 21, reaching $ 13,184 per coin on Wednesday for the night.
Similarly, BTC is experiencing all-time highs in prices in Brazil, Turkey, Argentina, Sudan, Angola, Venezuela, Pakistan and Zambia
However, in eight countries where inflation is rampant, the price of BTC has exceeded the previous ATHs of the local currency. Bitcoin proponent Alistair Milne discussed the issue on Twitter when he tweeted
“Countries where bitcoin has reached a new ATH in its local currency; Brazil – pop. 209 million, Turkey – pop. 82m, Argentina – pop. 44.5 m, Sudan – pop. 41m, Angola – pop. 30 m, Venezuela – pop. 29m, Zambia – pop. 17m. Soon: Russia, Colombia, then all the other fiat currencies ”.
Looking at the exchange rates for all these countries on October 22, it shows that each has seen BTC touch new highs. News.bitcoin.com reviewed some of the same countries in May 2019, and at the time, places like Argentina, Venezuela, South Sudan, and Turkey posted all-time highs for BTC prices. In that report, it cost 52,507 Turkish lira to buy a single bitcoin in the country.
In USD terms, Bitcoin (BTC) was trading at $ 8,800 on global spot markets on May 28, 2019. Today, October 22, 2020, it’s a different story, as the price of one bitcoin is 103,775 lira Turkish. These bitcoin price increases can be seen across the board in the eight countries mentioned above.
Earlier this month, cryptocurrency columnist Jason Deane also wrote a full editorial on these countries hitting all-time price highs. Deane found that all of these countries were making new all-time highs when it comes to the price of BTC.
Deane’s research had him studying for hours and he wondered how long it would be until the strongest currencies started to do the same.
The author’s report concluded by saying:
“One thing is for sure, the new historical record that prompted the research for this article will certainly not be the last for the Turkish lira, the Argentine peso, the Pakistani rupee, and many others. But how long will it be before we see the same with a currency that may be closer to our hearts, especially if, say, we start printing it at unsustainable rates to face a global pandemic? How long indeed ”.
The new price caps in Brazil, Turkey, Argentina, South Sudan, Angola, Venezuela, Pakistan, and Zambia clearly indicate that bitcoin and cryptocurrencies mean something completely different to users in countries experiencing severe economic distress.
At press time, the price of bitcoin (BTC) is just below the USD $ 13k zone and the price must jump above $ 13,796 per coin to break the 2019 ATH which was on June 26. .
Disclaimer: This press release is for informational purposes information does not constitute investment advice or an offer to invest. The views expressed in this article are those of the author and do not necessarily represent the views of infocoin, and should not be attributed to, Infocoin.