I guess we're all waiting for bitcoin to break through on the dollar ATH chart. In some countries, cryptocurrency has already shown its strength and broke the previous highs. How is this possible? And in which regions of the world has this been achieved?
Bitcoin price is rising
Yesterday, bitcoin approached its dollar ATH. However, after hitting USD 64,000, there was a correction and a drop to approximately USD 58,750. Currently, the price of one bitcoin is USD 63,057.
Interestingly, however, bitcoin has already reached ATH in over 30 countries. This was achieved, among others, in South Korea, China, Argentina, Egypt, Bangladesh, India, Indonesia and Japan. Bitcoin is close to reaching a new peak together with gold.
Is Bitcoin a safe haven after all?
How is it possible that bitcoin has not yet beaten the ATH against the dollar, but has managed to do so against other fiat currencies? It's easy. This is the result of the weakness of the latter.
The price of bitcoin on individual markets is the result of the law of supply and demand. Some markets may be shallower, some deeper. US stock exchanges boast the latter. So when the demand for BTC increases, investors see that it is worth investing in the cryptocurrency (we have the FOMO effect), then with a smaller supply of coins on local exchanges, it is easier to draw new ATH on the chart.
But it's not just about the depth of the markets. The price of BTC may also be driven by the weakness of a given local currency and inflation. For example, Argentina is a place on Earth that is famous for the fact that prices there are rising at an alarming rate. In practice, the peso is no longer a currency there, because everyone uses dollars. Whenever they can, as you can see, they resort to bitcoins to multiply their USD. The situation there is so terrifying that the new president, Javier Milei, even proposed a bill criminalizing the printing of pesos. Yes, do not regulate the receivers – I want to jail officials of the central bank who agree to further printing of the currency! The project will probably not be voted on by the parliament, but it shows the state of the Argentine economy.
However, let's also look at other countries. High inflation is also recorded in India (latest reading 5.1%, bitcoin with new ATH), Bangladesh (approx. 9.86%, record price of bitcoin) and Poland (3.9%, bitcoin is only 9,000 short of ATH PLN).
In addition to the above, there is the situation on the local currency/USD charts. For example, in Japan inflation is low (just over 2%), but the yen has been losing value on international markets for over two years. The same is happening with the yuan (according to official data, China is currently… deflation) or the rupee.
Bitcoin kicks fiat ass
Dollar ATH is a matter of maybe even a few days (if not hours!). If a double peak is not visible on the chart now, the march north will continue.
Robert Kiyosaki wrote a few hours ago on X that bitcoin “kicked the ass” of the dollar. And indeed, cryptocurrency is showing its strength again. This all happens when gold and silver have not been rising in price for months. For many people who live in regions with a weaker currency, BTC becomes a real safe haven and a way to multiply savings.
