The price of Bitcoin 🚀 has managed to establish new all-time highs (ATH) in fourteen countries, becoming a safe haven in the midst of various economic and financial crises.
In a recent post on X by Lark Davis, a renowned crypto analyst and investor, he shared how the price of BTC has reached all-time highs in fourteen countries. Which indicates the growing popularity and value of cryptocurrencies, especially in regions facing devaluations of their local currencies due to political instability and inflation.
These countries are Japan, Argentina, Laos, Congo, Ghana, Turkey, Burundi, Sudan, Lebanon, Malawi, Egypt, Pakistan, Sierra Leone and Nigeria. If you are a little observant, you will have seen that they are countries with high inflation rates.
The adoption of Bitcoin in these places represents a search for financial stability. Even in Japan, a strong and technologically advanced economy, the yen has lost value against the US dollar. This shows that the currency crisis is a global problem.
Balaji Srinivasan, a Bitcoin enthusiast, has highlighted Bitcoin’s crucial role as an economic lifeline for over a billion people in these fourteen countries, with a combined GDP of $7 trillion. According to Balaji, the US dollar has had a detrimental effect on the local currencies of many nations, describing it as an economic “vampire”. However, Bitcoin has managed to reverse this dynamic, depreciating the dollar against its growing value.
At the same time, Dan Tapiero, founder and CEO of 10T Holdings, shares similar optimism about the future of Bitcoin. With its price hovering around $60,000, Tapiero sees a future where Bitcoin could be valued between $150,000 and $200,000 by 2024.
Bitcoin is currently trading at $59 203, up 4,1% in the past day and 20% in the past week.
This performance highlights Bitcoin’s strength, not only as an investment, but also as a monetary alternative in economies with high inflation and unstable politics.
Featured Image: Juan Jos̩ Leiva РAI Generated