Bitcoin Hits New All-Time Highs Against Depreciating Fiat Currencies
Bitcoin’s recent surge of over 15% has led to new all-time highs against several depreciating fiat currencies. The cryptocurrency has reached record levels against the Argentine peso, the Japanese yen, the Turkish lira, and the Nigerian naira. Now, attention is turning to when Bitcoin will achieve an all-time high against the United States Dollar.
BTC Breaks Records in Argentina, Japan, Nigeria, and Turkey
Last week, BTC set a new all-time high in Argentina, reaching a valuation of 40 million ARS. The decline of the Argentine peso against the USD has prompted many Argentinians to seek alternative assets like BTC and USDT. In Japan, Bitcoin surpassed its previous peak on bitFLYER exchange, reaching 7.9 million JPY. The Japanese yen’s value continues to drop against the USD, allowing Germany to surpass Japan as the world’s third-largest economy. Bitcoin is also trading at a higher value in Nigeria (75 million NGN) and Turkey (1.6 million TRY) due to inflation and political uncertainty.
When Will Bitcoin Reach an ATH Against USD?
Countries like Turkey, Nigeria, and Argentina are facing similar situations as their official currencies plummet against the USD. While BTC trades at a premium in these countries, it is still 24% lower against the greenback compared to its November 2021 all-time high. However, on-chain analysts believe there is still room for growth. With the upcoming Bitcoin halving event and increasing inflows from new exchange-traded funds, some predict that BTC could reach $150,000 before the end of the year.
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