Measured against the US dollar, Bitcoin’s all-time high is $68,789. The crypto reserve currency is currently 24 percent away from this. If you compare other fiat currencies, you can see that Bitcoin has already broken through its all-time high. This is mainly due to the high inflation rate and the global economic downturn.
Bitcoin at all-time high in fourth-largest economy
The best example: Japan, currently the fourth largest economy in the world. The land of the rising sun is End of 2023 fell into a recession. Economic output has shrunk for two quarters in a row. One reason for this: the weak national currency, even the own government admits that. Over the past two years, the Japanese yen has lost almost a third of its value against the US dollar.
Nevertheless, the national central bank is sticking to its negative interest rate policy, with the key interest rate at -0.1 percent. While saving is “punished”, new money floods the market – further devaluing the national currency. Despite the poor economic situation, the Japanese stock index Nikkei 225 is trading near its last all-time high. A similar picture emerges when comparing the national currency to Bitcoin.
Norway, Sweden and developing countries
After Market capitalization The Japanese yen is the fourth largest fiat currency, followed by the British pound. Bitcoin in Great Britain is still 20 percent away from its all-time high. The island has also been in recession since the end of last year. This also applies to Norway, Sweden, Chile, Ukraine, Argentina and even Austria.
In Sweden, Norway and countless other countries, Bitcoin is at a new all-time high. The BTC rate in Nigeria and Argentina has even more than doubled in the last two months.
It remains to be seen when this will happen in the USA or Germany. Analysts expect this to happen by the end of the year. After all, the Federal Republic is also in an economically precarious situation, as Economics Minister Robert Habeck recently said announced has.
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Valuable in the fiat world: Bitcoin’s scarcity
The fact that the Bitcoin price is rising is not just due to the poor economies of many nations. The properties of the crypto reserve currency, such as scarcity, also have weight. Bitcoin is limited to 21 million coins. While people lose purchasing power with fiat currencies, they can save again thanks to Bitcoin. The cryptocurrency works extremely well as a store of value.
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Bitcoin’s limited supply is also responsible for the recent price explosion – Bitcoin has risen by 24 percent in the last 30 days. Because: Due to the Bitcoin Spot ETFs launched in January, institutional demand has increased enormously. If supply remains the same or decreases, this leads to price growth.
Further reasons for the ongoing price explosion can be found in this article: 3 reasons for the biggest bull run of all time.
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