Bitcoin Hits All-Time Highs in 14 Countries
Date: 2024-02-24 Author: Dima Zakharov Categories: BLOCKCHAIN
Bitcoin Surpasses $50,000 Mark
Since the beginning of the month, Bitcoin (BTC) has been showcasing an impressive performance. For the first time in two years, the asset's price has exceeded the $50,000 mark, albeit only when paired with the dollar. This surge comes amidst a global economic landscape marked by currency devaluation and uncertainty.
BTC Achieves Record Highs in Various Nations
Bitcoin's remarkable ascent has been particularly notable in certain countries where local currency devaluation has contributed to the cryptocurrency's meteoric rise. Former Coinbase technical director Balaji Srinivasan shared insights into this phenomenon.
Countries Witnessing Bitcoin's Historic Highs
Among the countries where Bitcoin has reached new highs are Japan, Argentina, Laos, Pakistan, and Sudan. Notably, the Sudanese pound saw the most substantial surge, with Bitcoin's price skyrocketing by 1,554,645.68%. Other record-setting currencies include the Turkish lira, Lebanese pound, and Nigerian naira.
Dollar Criticism and Bitcoin's Resilience
Srinivasan criticized the US dollar, labeling it a "vampire" that drains life from other fiat currencies. Over the past decade, most national currencies worldwide have depreciated against the dollar. In contrast, Bitcoin has strengthened by 8,115% against the dollar during the same period.
Market Expectations and Bitcoin's Trajectory
Market dynamics, including expectations surrounding the Federal Reserve's interest rate policies, have influenced recent currency fluctuations. While national currencies face volatility, Bitcoin continues to assert its resilience, trading at around $51,000 at the time of writing.
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