He bitcoin value in Brazil, that is, in Brazilian reals, it has returned to an all-time high.
In fact, while investors expect BTC to return to its all-time high of $ 20,000, in some countries it is already above its peaks.
Since December 2017, some fiat currencies have lost a lot of value, meaning that while the all-time high in US dollars is still a long way off, new all-time highs in the Brazilian real, Turkish lira, and Argentine peso have just been recorded.
This has been revealed by Arcane Research on Twitter, where they share their own graph showing that for these three currencies, the current value of bitcoin has reached its all-time high.
Did you know that #bitcoin has broken its all-time high vs Argentine Peso, Turkish Lira and Brazilian Real?
Read more in our weekly market update tomorrow: https://t.co/lzyWGnxYoi pic.twitter.com/gDapPrNqlF
– Arcane Research (@ArcaneResearch) August 10, 2020
Taking as reference January 1, 2018, that is, when BTC was worth about $ 14,000, since then, the value of bitcoin in Brazilian reals (BRL) has increased by 5%, while in Argentine pesos (ARS) it has increased so much like 169%, which means it has almost tripled.
Not only Brazil, but also Turkey and Argentina
With respect to Turkish lira (TRY), the current price is 20% higher than January 1, 2018.
On the contrary, in US dollars it is still 37% lower, although in the last 32 months the dollar has not depreciated much. In the same period, the Argentine peso has lost 75% of its value against the dollar, while the Turkish lira has lost 50% and the Brazilian real 40%.
Due to these devaluations, bitcoin has appreciated a lot against these currencies, so much so that it has returned to its historical highs, or much more.
That is, the Brazilians who bought bitcoin In the middle of the speculative bubble, paying in reais, if they have not sold them now they are worth 5% more in their bitcoin portfolio, while the Argentines who bought them in pesos, now have a capital gain of 169%, while the Turks, a profit of 20%. In contrast, those who bought them in dollars during that period, with the intention of selling them again in dollars, find themselves with a capital loss of 37%.
Actually, the correct calculation must be made on your real purchasing power, because the purchasing power of fiat currencies in Brazil, Argentina and Turkey in these 32 months has been significantly reduced. However, this is not enough to say that in those countries the purchasing power of bitcoin in consumer markets has increased.
In any case, given that the value of the dollar has decreased, it is possible that compared to the speculative bubble of late 2017, the real purchasing power of bitcoin has decreased, but if you compare it with the value it had just before the bubble burst, that is, at the end of October 2017, when it was worth about $ 6,000, it increased.