Bitcoin is currently trading at $18677.99 at the time of writing this news piece. Earlier today, the most desired cryptocurrency of all time nearly touched $19,000 as it recorded a 24 hour high at $18778.00 according to Coinmarketcap statistics. This year, Bitcoin has risen a significant amount and now we are looking forward to the future.
Bitcoin is just less than $1500 from breaking its record ATH of $20,000 USD value witnessed on December 18th, 2017. While tracking the performance of BTC on a daily basis what many crypto enthusiasts and financial experts may have missed is the fact that Bitcoin has already surpassed its previous All-Time-High prices relative to nearly 10 major global currencies.
What are some of the major world currencies Bitcoin has surpassed ?
According to a tweet by Alistair Milne on Oct 22, he had claimed at the time that Bitcoin was worth more than ever before relative to the native currencies of seven countries in the world. The list of countries specified by Milne are as follows; Turkey, Argentina, Sudan, Zambia, Angola, Venezuela and Brazil. It’s worth noting that the majority of these countries belong to South American and African regions.
In Brazil on 21st of Oct,1 BTC was traded for R $70k reais which marked the highest recorded price for Bitcoin historically in the Brazilian market. However huge savings into Bitcoin has caused a landslide bringing their native currency down by 28% within a single year.
In that same tweet, Milne had predicted that both Russia and Colombia would join this list soon and it didn’t take even 4 weeks for his prediction to come true. Bitcoin surpassed against its ATH relative to the Russian Ruble in early November. Colombian Peso soon followed suit as Bitcoin continued to rally on its bull run. To give some perspective, Bitcoin recorded 58,226,376 Colombian Pesos historically as its ATH back in 2017. Bitcoin first surpassed the previous high on Nov 6th and due to continuous upward movement set a new record ATH today trading at 62,102,236 Pesos.
How long till Bitcoin breaks $20,000 USD?
Milne’s tweet also stated that “then all other fiat currencies..” indicating that he expects all the rest of the currencies to join this list. While this may happen one day in the future, let’s take a look at how USD is fairing compared to BTC. The charts for BTC/USD shows that the US might join Milne’s list sooner than later given that Bitcoin is just inches away from surpassing its previous All-Time-High relative to the US dollar, recorded in Dec, 2017.
The Big Question then is, how long do we wait till Bitcoin breaks $20k? Some were expecting Bitcoin to reach $20k USD on 20th coz it would make for a memorable 2020.
While that is unrealistic at this point, a twitter poll by Gemini showed that many expect Bitcoin to reach this milestone before the end of the year.