Bitcoin Pump to $13,000 Sets New ATH in World’s Weakest Currencies

Share Article
In Brief
  • Bitcoin's price pump on Oct 21 saw BTC trade above all-time highs in seven different countries.

  • The leading cryptocurrency has outperformed national currencies in Venezuela, Argentina, Brazil, Angola, Sudan, Zambia, and Turkey.

  • An industry analyst suggests that BTC may find greater adoption in these struggling economies.

  • promo

    Want to know more? Join our Telegram Group and get trading signals, a free trading course and daily communication with crypto fans!

The Trust Project is an international consortium of news organizations building standards of transparency.

Bitcoin investors rejoiced on Wednesday as the price of the most popular cryptocurrency surpassed $13,000 for the first time since 2019.



However, when denominated in weaker national currencies, BTC actually surpassed its previous all-time highs.

In a handful of nations, bitcoin bought at any time in history is now in profit. Rather than highlighting BTC adoption, however, the new all-time highs tell a story of extreme currency devaluation.

Bitcoin at All-Time High in Seven National Currencies

On Oct. 21, news that PayPal will add limited bitcoin support appears to have prompted sudden buying pressure among BTC investors. Since the beginning of October, the leading cryptocurrency has surged by more than 23%, with much of the increase occurring this week.

Despite the recent gains, BTC is still trading around 32% below its current all-time high of almost $20,000. In fact, the bitcoin price remains beneath the near $14,000 highs it set last year.



The US dollar is among the planet’s more stable currencies. However, BTC denominated in weaker currencies tells a very different story.

As highlighted by investor and bitcoin industry observer Alistair Milne, there are several nations in which BTC has already surpassed its December 2017 highs.

 

For some of these countries, the December 2017 all-time high had been taken out before Wednesday’s BTC pump. In the Brazilian real, for example, BTC first hit an all-time high in Aug. 2020. In the Turkish lira, a new high came in late July.

With its long history of currency crises, coupled with a strict and ongoing national coronavirus lockdown, BTC has set numerous all-time highs since Dec. 2017 in Argentine pesos. In fact, only the March 2020 crash saw BTC trade below the 2017 high.

The story is similar in the Sudan, Zambia, and Angola. Highs observed in 2017 were taken out on multiple occasions in the years since.

By far the most extreme currency devaluation is still in Venezuela. BTC traded for 3.182 million bolivars (VEF) on Wednesday 22 Oct. Its Dec. 2017 high was 213,641,901 VEF.

Different nations each have their own causes for these massive currency devaluations, and many were already in desperate situations before the start of the year. The ongoing coronavirus crisis has only exacerbated existing issues.

Bitcoin in Venezuela, Sudan, Argentina, Angola, Zambia, Turkey, and Brazil now trade above their respective Dec. 2017 highs by roughly 1 389%, 455%, 199%, 164%, 35%, 33%, and 14%.

Struggling Economies May Represent Centers of Adoption

For citizens of these countries, bitcoin continues to act as a reliable store of value. In other nations like Colombia and Russia, BTC trades close to its all-time high. In Russian rubles and Colombian pesos, BTC is down from its high by only 12% and 15.5% respectively.

Will bitcoin’s outperformance spur greater adoption in the planet’s weakest economies? Milne seems to think so. Perhaps that’s why he includes each nation’s respective populations, a sign of the masses waiting in the wings.

Share Article

A former professional gambler, Rick first found Bitcoin in 2013 whilst researching alternative payment methods to use at online casinos. After transitioning to writing full-time in 2016, he put a growing passion for Bitcoin to work for him. He has since written for a number of digital asset publications.

Follow Author

Daily signals, Bitcoin analytics and traders chat. Join our Telegram today!

Let’s Go
Daily signals and Bitcoin analytics.