Alistair Milne, an entrepreneur and market commentator, explained that the Bitcoin price hits a new record high in seven national currencies of nearly 450 million people.
Countries where #Bitcoin has hit a new ATH in their local currency:
Brazil – pop. 209million
Turkey – pop. 82m
Argentina – pop. 44.5m
Sudan – pop. 41m
Angola – pop. 30m
Venezuala – pop. 29m
Zambia – pop. 17m
… then all other fiat currencies
— Alistair Milne (@alistairmilne) October 22, 2020
However, 2020 has been a hard year concerning the global economy. Not to mention the COVID-19 pandemic making things worse. In addition, the cryptocurrency market has dropped in mid-March. This is a result of the Black Thursday phenomenon but the market has made a comeback in a huge way since then.
According to CoinGecko, the price of bitcoin (BTC) is hovering just above $13,000 and the price needs to jump above $13,796 to outperform 2019’s ATH on June 26.
Milne: BTC hit a new ATH in their local currency
The new price spike in Brazil, Turkey, Sudan, Argentina, Angola, Venezuela, and Zambia clearly indicate a surge of user’s interest in bitcoin and cryptocurrencies. This is despite these countries suffering from inflation and severe economic hardships.
Moreover, these countries have a combined population of 452 million people; relatively small compared to a global population of 7.8 billion, according to worldmeters.info. These are real people whose wealth has been wiped out or seriously reduced due to no fault of their own.
At 209 million, Brazil formed the biggest country by population on Milne’s list. The others include Venezuela, Turkey, and Argentina with the total population of all countries involved standing at 450 million. Milne additionally forecasts that Colombia and Russia would soon join. This followed at some point in time by all other fiat currencies.