5 national currencies that Bitcoin is totally crushing in 2020

 

Data from a pseudonymous analyst compared the performance of Bitcoin (BTC) with national currencies since early 2020.

The data show that BTC has increased by 50 to 128 percent against the world’s major national currencies.

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The performance of Bitcoin against various global currencies. Source: DriftwoodPalace

Bitcoin’s performance against various national currencies. Source: DriftwoodPalace

The analyst said:

„Update on the price of bitcoin in various currencies and over various time periods. Starting from the date, the price has risen from 57% in the EU to over 100% in Argentina, Brazil, South Africa, Russia, Turkey, etc. (prices are based on the official USD exchange rate and may differ in reality)“.

Bitcoin has performed significantly better against devalued currencies, often with high rates of inflation. For example, the Argentine peso registered 53.9% inflation in 2019, its highest rate in over 30 years.

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Against the Brazilian real and the Argentine peso, Bitcoin recorded gains of 128.4% and 103.5% respectively. The digital asset also registered gains between 56% and 69% against reserve currencies such as the U.S. dollar and the euro.

The Venezuelan bolivar also fell dramatically against Bitcoin amidst uncontrolled hyperinflation. The unstable nature of many economies in Latin America often results in new all-time highs for Bitcoin transactions between peers in Venezuela and Argentina.

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Since early 2020, major Wall Street investors such as billionaire Paul Tudor-Jones have described Bitcoin as a possible inflation hedge. MicroStrategy, a billion-dollar public company in the United States, recently also purchased $250 million in Bitcoin as its primary cash asset.

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Bitcoin’s strong performance against all national currencies so far this year could strengthen the argument that BTC is evolving as a store of value.

It is also important to note that the price of Bitcoin fell more than any other commodity or index in March 2020. This occurred when the price plummeted 65% to USD 3,596 on BitMEX.

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Despite this, Bitcoin Loophole has recovered strongly, recording an annual high of over $12,400 and posting a 244% annual gain at the monthly peak. Emphasizing BTC’s strong momentum, the analyst added

„Bitcoin collapsed stronger than any other product or index earlier this year. Very few indices or assets have recovered those losses. Meanwhile, Bitcoin has risen in all currencies since mid-February. From 6% in Sweden to 50% in Brazil and Zambia.