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Void_Sloth

Inflation pushes Bitcoin to ATH in 3 nations, closes in on 4th (self.bitcoin)

submitted 1 year ago* (last edited 1 year ago) by Void_Sloth to c/bitcoin

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Due to the rampant inflation of fiat currencies Bitcoin has reached a new All Time High (ATH) in 3 nations, and approaches it in a 4th.

Breached ATH

Argentina: https://www.google.com/finance/quote/BTC-ARS?sa=X&ved=2ahUKEwjd7aTVheT_AhUfMVkFHfXuDcgQ-fUHegQIARAc&window=MAX

Lebanon: https://www.google.com/finance/quote/BTC-LBP?sa=X&ved=2ahUKEwjto8f4heT_AhU0FlkFHceXCqYQ-fUHegQIARAc&window=MAX

Venezuela: I was unable to locate an accurate chart for BTC/VES due to the changes made to VES in 2021. https://www.nbcnews.com/news/latino/venezuela-unveils-new-currency-6-fewer-zeros-rcna2515

However if you take a look at the 1 and 10 year chart (https://www.xe.com/currencycharts/?from=BTC&to=VES&view=1Y) you can see that adjusted for this change the previous ATH was 210,403 and today's price is 846,874.

Approaching ATH

Turkey: https://www.google.com/finance/quote/BTC-TRY?sa=X&ved=2ahUKEwi-yqSOh-T_AhX0FFkFHV7nAVQQ-fUHegQIARAc&window=MAX

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[–] PlutoniumAcid 2 points 1 year ago (1 children)

Apologies, but isn't it disingenuous to call it an ATH when you measure it in a currency that's crashing? That only tells us that the fiat currency is crashing...

Okay, it also tells us that BTC is the stablecoin in that scenario, which is wonderful, but we knew that. Using a worthless fiat as headline seems silly.

[–] Void_Sloth 1 points 1 year ago (1 children)

I don't think it is, I mentioned inflation as the cause. Do you have an alternate phrasing?

We may know that but there are many that don't. I think this makes that point very clearly for those who are still unaware.

[–] PlutoniumAcid 1 points 1 year ago

My point is that it's misleading to focus on the ATH because it naturally follows that one goes up when the other goes down.

It would be more useful to focus on the aspect that crypto can be used to safeguard people's savings when their fiat plummets. USD would be equally useful but might be forbidden of course. That's what makes crypto so valuable.

This should not be a knee-jerk celebration of "ATH good, hurr durr" but rather state the benefit of non-fiat.