TMCnet Feature
October 26, 2020

Bitcoin hits some countries with rampant inflation



As the price of Bitcoin reached new heights these days and many crypto experts and investors are very optimistic and still expect their digital assets to raise more and more.

With these high bitcoin prices, different countries have seen the all-time highest value of bitcoin in their local currencies. These countries showed that the rampant inflation of the highest bitcoin prices of all time has suffered them while fighting to beat Covid 19 and other crises that came along with 2020



Bitcoin’s price fluctuation in  2020

Regarding the economy in question, this year has been very difficult due to the worst response of nation-state responses during the covid 19 pandemic, the initial digital market was also affected after the defeat of the market, black Thursday, but respond very soon in a very big way

The price of Bitcoin rose more than 262% since its last drop to 3,600 in March, then again the price of Bitcoin touched its highest value of more than 13,100 per piece on the night of October 21.

Countries most affected by the high price of Bitcoin

Some of the countries that are highly infected and have rampant inflation and the value of Bitcoin has crossed the previous all-time high value of the local currency.

As Alistair Milne said in one of his tweets on Twitter (News - Alert), he said that Turkey pop 0.82 million, Brazil 0.209 million, Sudan 41 million Argentina 44.5 million, Venezuela 0.29 million Angola 0.30 million Zambia 17 million are badly beaten with the new all-time high Bitcoin price on your local bills

How much Bitcoin hits these countries

Studying exchange rates deeply shows that all of these countries are touching a new bitcoin price high in October, we go back in 2019 and we see that countries like South Sudan, in that report, the value of a Bitcoin in Turkey is about 52,508 Turkish lira

Bitcoin was at $ 8,850 in May 2019 in the global market places in US terms. Now in October 2020, the story is very different Bitcoin is now at 103,778 in Turkish lira this variation can also see everyone else countries

Earlier this month, Jason Deane wrote an editorial column on the inflation situation in these countries and exposed that these nations are achieving a new price record relative to the value of the price of Bitcoin.

Reason for the high demand for BTC

Different countries are adopting BTC for different reasons, as Venezuela began to use it in both global and national trade, they did so to neutralize the devastating economic sanctions of the US, as the president of Venezuela, Nicolás Maduro said in an interview with a news channel before a few days

speaking in the national parliament on Sept., he revealed that by doing so, the country will be strengthened by using petro and other digital currencies such as Bitcoin and others globally and locally and in commercial and national commerce to learn more about BTC visit bitcoin up app.

Using Petro together with BTC

Venezuela has been using its local digital currency called petro since the decade to do it all to no avail and it wasn't too successful without merging other currencies. He was referring to the anti-sanctions law on social development and the economic momentum that was paralyzed due to the US sanctions that strangled the country's trade relations with most of the world and the US dollar continues to dominate.

It is very rich in oil and has put its goat in the cryptocurrency and the leverage of BTC to reduce the pressure on the petrodollars that increase due to the economic sanctions being the sixth-largest oil producer in the world

Benefits of inflation

It is a very good opportunity for the world to open a new door to digital innovation due to the weakness of the local currency and hyperinflation that will be good for the digital currency

This will give a very good start to people who do not have enough knowledge of BTC or other digital cryptocurrencies, people who adopt BTC more and more due to the lack of jobs in the market and the low rate of employment in less developed countries or Developing

As this peer-to-peer electronic payment system is direct from one party to another without the interruption of a third person, maks is more reliable and trustworthy, this currency is also known as digital gold, there is a very large space available in this field for merge people into it and improve their lives when it will take the place of fiat.



» More TMCnet Feature Articles
SHARE THIS ARTICLE

LATEST TMCNET ARTICLES

» More TMCnet Feature Articles