bitcoin continues to prove its worth as last store of value, gaining widespread adoption in hundreds of countries around the world. This pioneering cryptocurrency has successfully surpassed previous records to reach new all-time highs in 14 different countries struggling with economic and financial crises.
bitcoin peaks in 14 countries
In a recent X (formerly Twitter) post, crypto analyst and bitcoin investor Lark Davis revealed that bitcoin has reached new all-time highs in 14 countries. Lately, cryptocurrencies have seen exponential growth in both popularity and value. emerges as an alternative currency for people in countries struggling with the depreciation of their fiat currency.
According to Davis, “fiat currencies are collapsing.” This unfortunate development has been attributed to the high level of inflationary pressures and the political instability experienced by most countries.
Among the 14 countries experiencing record numbers bitcoin/bitcoin-is-now-directly-correlated-with-the-us-dollar/” rel=”nofollow noopener” target=”_blank”>btc Highs include Japan, Argentina, Laos, Congo, Ghana, Turkey, Burundi, Sudan, Lebanon, Malawi, Egypt, Pakistan, Sierra Leone and Nigeria. Most of these countries have reportedly been struggling with high inflationleading to a decrease in the value of their fiat currencies.
Countries like Türkiye and Nigeria have witnessed a dramatic devaluation of their fiat currencies. Even Japan Known for its technological innovations and strong economic performance, it has seen a depreciation of its yen against the US dollar (USD).
The constant devaluation of these nations' currencies in relation to the dollar has significantly affected the standard cost of living of citizens. As a result, individuals are switching to bitcoinseeking to take advantage of the digital currency's robust financial technology and its continually increasing value as a hedge against economic instability.
In response to the global shift towards this pioneering cryptocurrency, bitcoin enthusiast Balaji has revealed that btc has become an indispensable lifeboat within these 14 countries, which are home to more than one billion people and have a combined Gross Domestic Product (GDP) of $7 trillion. Furthermore, he highlighted the negative effects that bitcoin-news/bitcoin-and-xrp-set-to-shine-shock-8-trillion-predicted-amid-us-dollar-collapse/” rel=”nofollow noopener” target=”_blank”>American dollar has inflicted on the fiat currencies of multiple nations over the years.
“The dollar is a vampire. Drains life from any other fiat currency. But then bitcoin flips the dollar. Because since the inception of bitcoin, USD has plummeted against btc by six orders of magnitude. Only a few more to go”, Balaji fixed.
Analyst sets sights on btc price of $200,000
Lately, bitcoin bulls have been taking the lead, experiencing massive gains that have boosted their btc/bitcoin-price-consolidates-58k/” rel=”nofollow noopener” target=”_blank”>price closest to $60,000 brand. Due to the relentless momentum in its price dynamics, 10T Holdings Founder and Chief Executive Officer (CEO) Dan Tapiero has remained bullish on the cryptocurrency. predicting an exponential increase in The price of bitcoin which will range between $150,000 and $200,000 in 2024.
The macro investor has stated that bitcoin is up almost 100% and is ready to jump even higher. According to the CEO, if bitcoin manages to surpass the threshold of $70,000, the cryptocurrency would rise directly to $90,000, reaching an all-time high not seen since its inception.
At the time of writing, bitcoin is trading at $59,142, reflecting a 1.75% increase in the last 24 hours and a 10.21% increase in the last seven days, according to CoinMarketCap.
<img decoding="async" class="aligncenter size-medium" src="https://technicalterrence.com/wp-content/uploads/2024/02/Bitcoin-is-unstoppable-BTC-price-hits-new-all-time-highs-in" alt="Tradingview.com bitcoin Price Chart” width=”3286″ height=”1530″/>
btc price above $59,000 | Source: BTCUSD on Tradingview.com
Featured image from crypto News, chart from Tradingview.com