- Bitcoin’s price has gained more than 261% since March 12th, 2020
- Bitcoin’s price has surpassed the local currency’s previous high record
COVID-19 pandemic has made things a lot worse, and 2020 has become a challenging year for the global economy. Several countries hit inflation really hard, and due to this, an apparent rise in Bitcoins drawing has been observed. This year, BTC’s price touched new highs, and several supporters are hoping that it will drive higher. According to local currencies, eight countries have seen BTC’s all-time-high price.
Improvements since ‘Black Thursday’
Bitcoin’s price has gained more than 261% since March 12th, 2020. In March, the value of Bitcoin dropped to $3,600. However, on Wednesday, the value touched a high record of $13,184. Meanwhile, in Brazil, Turkey, Argentina, Sudan, Angola, Venezuela, Zambia, and Pakistan, where inflation is getting uncontrolled, Bitcoin’s price has surpassed the local currency’s previous high record.
A recent tweet of a crypto enthusiast and entrepreneur, Alistair Milne, revealed these unique highs of eight countries and mentioned the reason as to be uncontrolled high inflation. Milne also explained that this is nothing new for countries like Brazil, as the price of the currencies of these countries is already significantly lower against USD, where the BTC price is compared with the global market dollar.
Let us Have a look at the Exchange Rates
If we have a look at the exchange rates of all eight countries, on Thursday, it is observed that one has been Bitcoin touching new price highs. Countries like Argentina, Venezuela, South Sudan, and Turkey are always facing all-time-high prices of BTC. Last year in May, we found that one BTC is worth 52,507 Turkish Liras, whereas, on Thursday, we found a whole different story, as one BItcoin’s price is around 1,03,775 Turkish Liras. These increments in the price of Bitcoin can be seen in all eight countries’ boards.
Indications of New Highs of Bitcoin
The new price highs of these eight countries is a clear indication that the virtual currencies and Bitcoins are entirely different for the users of these countries, which are suffering severe economic distress. However, we can conclude that this is way bigger than we think. These new-all-time-highs of Bitcoin will not only last only for Peso, Lira, Rupee, etc., but will soon cover Russia, Colombo, and then the rest of the world will be followed by the list.
However, to outer space, June 26th, 2019’s all-time-high record, one BTC’s price needs to jump over $13,796 per coin.