As per renowned entrepreneur as well as market commentator, Alistair Milne, rate of exchange figures reveal that at this week’s highs, Bitcoin was worth more in 7 currencies than ever before.
Other Crypto Assets Following The Same Lead
Bitcoin’s weekly gains stood at over 15% just within an overnight earlier on Wednesday, as BTC/USD reached $13,200 USD before reversing to press-time levels of $12,800 USD.
The rate of change surprised many and came at a time when many countries’ fiat currencies – specifically those of developing nations – were affected by the COVID-19 and therefore the impact of central banks’ economic reactions thereto.
The last time that Bitcoin traded at around $13,000 USD and even when it hit its own all-time highs of $20k earlier in the year 2017, the economic picture looked very different.
In Brazil for instance, where 1 BTC now buys more reals than ever before, savers have seen the worth of their currency declined by 28% against the USD in just within a single year.
At 209 Mln, Brazil formed the largest nation by population on Milne’s list. The others included Turkey, Argentina, and Venezuela, with the entire population of all countries, involved standing at 450 Mln.
Milne additionally forecasted that Russia and Colombia would soon join, followed t some point in time by “all other fiat currencies.”
Bitcoin USD Index Levels
Meanwhile, Bitcoin’s inverse correlation to the USD currency index remained focused as its Bull Run took hold.
Measuring USD strength against a basket of trading partner currencies, DXY declined within October to press-time levels of 92.72, coinciding with fresh strength in BTC.
The impact of the upcoming United States elections may produce further USD volatility, analysts warned.
“If the DXY closes below the structure within the 92.5 zones, this is able to support any inflation assets like commodities and gold, as well as growth stocks,” Miles Ruttan of Bytown Capital added earlier within the month.