Bitcoin Price Hit a Record High In 14 Countries

(CTN News) – Despite Bitcoin trading 25% below its peak of $69,000, it has reached an all-time high in 14 countries including Turkey, Argentina, Egypt, Pakistan, Nigeria, Japan, and Lebanon.

This is despite trading 25% below its peak of $69,000, which it reached in 2013.

As a result of the paradoxical situation, it becomes evident that over the past two years, the currencies of these nations have depreciated significantly compared to the U.S. dollar (USD).

As a hedge against economic instability, cryptocurrencies like Bitcoin have become increasingly popular in these countries. This is as a hedge against the high volatility of the global financial market in the last few years.

A good example of this is the significant devaluation of the Lira in Turkey, with the USD/TRY exchange rate escalating from around 7.80 in November 2021 to 31.02 today following the dramatic devaluation of the Lira.

In the same period, the Argentine Peso has also suffered a significant decline in value, moving from approximately 98 to over 838 per dollar against the dollar during the same period of time.

It is evident from the shifts that these countries are experiencing broader economic challenges and inflationary pressures. These challenges are contributing to the rise of Bitcoin as an alternative investment and a store of value.

There has been a decline in purchasing power even in Japan, known for its strong economy, as the Yen has depreciated from around 104 to 150 against the USD over recent months.

Since Bitcoin was created in 2009, the US dollar has fallen against Bitcoin BTC by six orders of magnitude. This highlights the incredible rise of cryptocurrencies in the global financial landscape in the past decade.

It has become a critical asset for investors seeking refuge from currency depreciation and economic uncertainty in the face of cryptocurrency. This was regarded initially as a digital novelty.

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