BTC ATH in local currency - page 2. | Bitcointalksearch.org

Fivestar4everMVP

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Quote from: khiholangkang on March 04, 2024, 12:16:12 AM

I would like to ask if in your country BTC has reached the old ATH or even the new ATH at the current price if using your local currency?

Yes, here in Nigeria and using our local currency which is the naira, bitcoin has far gone above the previous all time high of 2021, and this also means that, we now have a new all time high of bitcoin in our local currency.

During the 2021 bull run when bitcoin made the all time high of $69,000, naira to a dollar was around #350 to #400, and back them bitcoin at $69,000 was around 20 million naira to 30 million naira, but today and right now as I type this comment, bitcoin is $66,700 and the worth in our local currency (naira) right now is 105 million naira, and this is because currently, naira to a dollar is currently around #1600 , this is x4 to x6 increase from the 2021 value of between #300 and #400 naira per dollar, this is to say that, in a space of 2 to 3 years, our local currency have lost x4 to x6 of its value against the US dollar and other fiat currencies like the British pounds and euro.

This is very disappointing and heart breaking to say the least, there is a lot of hunger and hardship in Nigeria this day, everything have more than tripled their prices from 2021 till today, this has indeed proven that saving money in fiat is one of the worst decisions anybody can make, most especially for those of us living in countries like Nigeria.

Lucius

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Quote from: Haunebu on March 04, 2024, 11:53:11 AM

~snip~
Another great thing here is that the fees haven't surged to crazy levels like last year and are in a reasonable range currently. Hyped!

Fees are not at crazy levels because the "ordinal spammers" have calmed down a bit, but still for some it is still a lot to pay between $3-$5 right now, especially if it is about microtransactions. However, considering the fees we had not so long ago, this does not look so bad today considering how the price of BTC is growing. The number of transactions in mempool ranges between 140 000 and 150 000, which is not a lot considering the situation.

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Quote from: Casdinyard on March 04, 2024, 11:57:11 AM

Quote from: khiholangkang on March 04, 2024, 12:16:12 AM

Inflation in my country shows a big gap with the dollar, when bitcoin touches the price level of $64k, ATH 2021 has been touched by our country's currency which is IDR 980 million / rounded up 1M, while in 2021 the value of the Dollar equivalent to my country's Rupiah is approximately $69k to get the amount of 980 million / 1M. Here it is clear that for 2-3 years we have experienced much crazier inflation, with a difference of $5k. That's heartbreaking to me, and luckily I kept most of my savings in BTC, and today it's getting a much better price increase, and it's enough for me to spend a year with my family if I sell it.

I would like to ask if in your country BTC has reached the old ATH or even the new ATH at the current price if using your local currency?

If I'm not mistaken bitcoin's already went past the All Time High from 2021 by a couple thousand pesos give and take, and while that is a great thing for the average joe I don't really take it as something that I should be proud of cause that just means my country's fiat's gone to the shitbox once again, this time in a deeper level than it was back then.

Although I don't think we should really concern ourselves about bitcoin's price in local currency, the current global standard is the US Dollar and it's worked well so far in providing us with a pretty comprehensive insight as to how much bitcoin's gone up in the past. I think that's all the comparison we're going to need lol.

Yeah I think it did get past the last ATH though, but me, I really don't care how bitcoin was priced with our local currency, because just like you said, the country's fiat is one of the worst in the world.
The people I know around here usually doesn't prefer to view bitcoin priced at our local currency, including me. We get used to look at bitcoin at the global standard in USD form and yeah it does give us a better insight when comparing bitcoin data currently against the past.

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Quote from: Captain Corporate on March 04, 2024, 01:13:06 PM

Honestly, at this point we are very very near at ATH for dollar as well, doubt there will be any currency left that won't be ATH very soon. Its awesome to see it breaking over ATH again, its been so long since we were her last time, I think it was October 2021 last time we were there, considering we are at march of 2024 right now that would mean 28 or so months since the last time we were at these prices. Waiting for it to bounce back, see the bottom, all the crashes, all the bad news and we are finally here, we are finally getting rid of everything like that. Its really a great situation to see the price reaching these highs because we really missed it and after waiting for this long, we really deserve it too.

Bitcoin price hits $68685 in Binance Bitcoin didn't hit ATH by just a few dollars but I can now say that all local currencies in the world have now crossed Bitcoin's previous ATH. Bitcoin's every 4-year sarcoid worked again. Now this circle can be fully trusted. It's really nice to see Bitcoin at a new price. All potential coins in the market are now increasing in price, including Bitcoin. The crypto market is booming again

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Quote from: letteredhub on March 04, 2024, 01:16:50 AM

As crazy as the difference in amount between these local currencies of some countries and the dollar it is becoming an increasingly necessary evil for citizens of these countries to whom their currency is repleting in value by the hit of inflation to find a hedge to keep value on with their money by either holding it in dollar or investing in bitcoin which in the long run create extra value for them.
And I think the falling value of the currencies of these countries has also become one of the propeller drive among youths of these countries particularly of the African continent to increasingly adopt bitcoin because of the profit it profers to it long term holders.

This has been the case for a really long time, probably since WW2 when the US became the dominant world economy. And it will still be the case for a long time because the US economy is both the biggest and quite resilient and quite open and no other economy is doing all of that at once.

Bitcoin can't realistically replace US dollar because its volatility means it's actually a bad store of value and it's rather an investment. A good store of value is never losing its value and Bitcoin always has ups and downs.

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Quote from: khiholangkang on March 04, 2024, 12:16:12 AM

Inflation in my country shows a big gap with the dollar, when bitcoin touches the price level of $64k, ATH 2021 has been touched by our country's currency which is IDR 980 million / rounded up 1M, while in 2021 the value of the Dollar equivalent to my country's Rupiah is approximately $69k to get the amount of 980 million / 1M. Here it is clear that for 2-3 years we have experienced much crazier inflation, with a difference of $5k. That's heartbreaking to me, and luckily I kept most of my savings in BTC, and today it's getting a much better price increase, and it's enough for me to spend a year with my family if I sell it.

Although I have never personally experienced the experience of Bitcoin reaching its last ATH which occurred several years ago, I noticed that Bitcoin is very different when used as a store of value asset.
My observation is that savings made in the form of Bitcoin will be very good even though the price fluctuates.

When it was at $64k, at the current exchange rate with our local currency, then we had already reached the previous ATH, let alone the price of $67k that Bitcoin reached today. Really Bitcoin investors are already celebrating.
However, I don't want to overdo it in comparing the value of the local currency between our country and other countries because the actual situation must be acknowledged.

I want to say that someone's savings situation is different. I don't have much savings because I still live alone. From this experience a conclusion can be drawn that saving savings in the form of fiat money is not a good action.

Faisal2202

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That's the beauty of BTC, it is a hedge against inflation, if you have saved your funds in US or local form, the inflation would have eroded your fund's value but due to the nature of BTC, you did not even save yourself from loss but made enough profit that you can live for whole 1 year considering no medical or emergency situation faced. I am happy for your profits and hope you earn more.

And talking about local level comparison with BTC price I would say my local currency is converted into USDT or any pegged currency and then is converted to BTC. So, it means, due to inflation and devaluation of our local currency we are making a profit from two assets, one is USDT and the second is BTC. In my local currency, BTC has made its ATH and I believe if it is making ATH in the local currency of US country then it is making ATH in most of the countries that have US dollars in reserves.

Captain Corporate

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Honestly, at this point we are very very near at ATH for dollar as well, doubt there will be any currency left that won't be ATH very soon. Its awesome to see it breaking over ATH again, its been so long since we were her last time, I think it was October 2021 last time we were there, considering we are at march of 2024 right now that would mean 28 or so months since the last time we were at these prices. Waiting for it to bounce back, see the bottom, all the crashes, all the bad news and we are finally here, we are finally getting rid of everything like that. Its really a great situation to see the price reaching these highs because we really missed it and after waiting for this long, we really deserve it too.

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Quote from: khiholangkang on March 04, 2024, 12:16:12 AM

Inflation in my country shows a big gap with the dollar, when bitcoin touches the price level of $64k, ATH 2021 has been touched by our country's currency which is IDR 980 million / rounded up 1M, while in 2021 the value of the Dollar equivalent to my country's Rupiah is approximately $69k to get the amount of 980 million / 1M. Here it is clear that for 2-3 years we have experienced much crazier inflation, with a difference of $5k. That's heartbreaking to me, and luckily I kept most of my savings in BTC, and today it's getting a much better price increase, and it's enough for me to spend a year with my family if I sell it.

I would like to ask if in your country BTC has reached the old ATH or even the new ATH at the current price if using your local currency?

In the Philippines, you could buy a house and lot FULLY PAID with 65k and possibly still have some change left. And that is because we're living in a third-world country where prices are generally still lower when compared against same products from other countries. Of course, this also means that our money's got shit purchasing power against other countries' but in the preface of spending less money everywhere else, I think this works a lot well. Going back to your question, and don't quote me on this, If I'm not mistaken bitcoin's already went past the All Time High from 2021 by a couple thousand pesos give and take, and while that is a great thing for the average joe I don't really take it as something that I should be proud of cause that just means my country's fiat's gone to the shitbox once again, this time in a deeper level than it was back then.

Although I don't think we should really concern ourselves about bitcoin's price in local currency, the current global standard is the US Dollar and it's worked well so far in providing us with a pretty comprehensive insight as to how much bitcoin's gone up in the past. I think that's all the comparison we're going to need lol.

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Forget about local currencies. BTC is about to reach a new ATH in USD since it's already closing in on 67 grand at the moment and is showing no signs of slowing down anytime soon.

Another great thing here is that the fees haven't surged to crazy levels like last year and are in a reasonable range currently. Hyped!

Mpamaegbu

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I know that the current Bitcoin ATH stands at slightly over $69k and until it crosses that I will continue to maintain it hasn't formed a new ATH. Those who are judging it based on fiat equivalent of their local currencies and espousing that it has done a new ATH got me confused initially until I checked coin site to find out Bitcoin hadn't got to its ATH yet. Expectedly, price will get there before next week.

We're all excited, and understandably so. We stayed in the trenches for this a long time and some of us became laughing stocks to our peers and relatives who would jeer at us and make remarks whenever price dipped. Now, some of them are coming back and asking for help on how to invest in it. I've seen this scenario play out in previous circles and I know for certain it will reoccur in this circle too. These people buying on FOMO will definitely be trapped because they're going to buy the top.

bitmover

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In Brazil we have very high inflation, but our currency gain a lot of value in recent years.

USDBRL in 2021 used to be 5.80, and now it is 4.95. So, our last BTCBRL ATH was about 380,000 BRL, and now we are in range of 325,000 BRL (still a bit far from ATH).

I would say that inflation is not the main factor that will drive the ATH price in local currency, the actually the local currency against USD price. Which can vary a lot!

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Quote from: khiholangkang on March 04, 2024, 12:16:12 AM

Inflation in my country shows a big gap with the dollar, when bitcoin touches the price level of $64k, ATH 2021 has been touched by our country's currency which is IDR 980 million / rounded up 1M, while in 2021 the value of the Dollar equivalent to my country's Rupiah is approximately $69k to get the amount of 980 million / 1M. Here it is clear that for 2-3 years we have experienced much crazier inflation, with a difference of $5k. That's heartbreaking to me, and luckily I kept most of my savings in BTC, and today it's getting a much better price increase, and it's enough for me to spend a year with my family if I sell it.

I would like to ask if in your country BTC has reached the old ATH or even the new ATH at the current price if using your local currency?

I look at the price of the current BTC ATH in my local currency and shake my head, it runs into millions of Naira. Inflation has been one major issue affecting our local currency, however the price of the dollar and our local currency has been on serious loggerhead as the price of the dollar keeps going high against the local currency, and our local currency keeps doing the catch up game. Just as you've said OP, the only way out is to save in BTC, because the rate at which our local fiat is losing it grip its so alarming.

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Quote from: letteredhub on March 04, 2024, 01:16:50 AM

As crazy as the difference in amount between these local currencies of some countries and the dollar it is becoming an increasingly necessary evil for citizens of these countries to whom their currency is repleting in value by the hit of inflation to find a hedge to keep value on with their money by either holding it in dollar or investing in bitcoin which in the long run create extra value for them.
And I think the falling value of the currencies of these countries has also become one of the propeller drive among youths of these countries particularly of the African continent to increasingly adopt bitcoin because of the profit it profers to it long term holders.

People in countries dealing with crazy inflation are kinda forced to play a money-saving game. They stash their cash in dollars or even better Bitcoin. It's like a survival tactic to keep their money from losing value. It's not just about making money because it's a rebellion against traditional currencies going down the drain. Bitcoin is like their superhero, promising better days for those who HODL. It's a wild ride and everyone's trying to secure their bag in the crypto world

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Well, I saw the news on several social media, they said Bitcoin's ath against local currency had been passed from the last year in 2021.
it indicates weakness of fiat against the usd currency, and against bitcoin.
Currently even though Bitcoin hasn't reached 69k$ but everyone is very happy, yes that's because the exchange rate against their currency is rising, even though in reality it's bad news because their currency is dropping very drastically.

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In my country, BTC has already reached the new ATH at the current price, and it can be said that it has far exceeded it due to the great inflation that occurred in my country during the last period, and the national currency has almost lost its value.

I also kept my savings in Bitcoin and was impatiently waiting for this moment, but unfortunately I had no luck and lost my savings and lost a great opportunity to live this joy that I was waiting for.

Anyway, I am not sad and I believe that I will get a better opportunity in the near future.

Kelward

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This will be my first halving and ATH experience in Bitcoin investment, and without making comparison with the last ATH, I'll say that so far leading to this bull season and eventually ATH, it has been a very big eye opener for me. My country's currency is devaluing everyday, and people that are keeping their money in banks are running at great lose, because the value is decreasing everyday, but it's the opposite for a person like me that's hodling Bitcoin, I'm not affected by the devaluation of naira, as Bitcoin is pumping, it's value in naira is also increasing. By the time we reach Bitcoin ATH, it won't matter whether our local fiat keeps devaluing or hopefully it starts to appreciate, it won't affect my personal finance, because the value of my money will greatly increase.

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I compared the value of our local currency to USD during the last ATH of Bitcoin, and the equivalent in USD to our local currency increased by 11.98%. So, in my country, the situation is somewhat similar. The local currency has experienced inflation, and when Bitcoin reached its ATH in USD, it also led to a substantial increase in our currency. The comparison over the years shows a significant gap, highlighting the challenges of inflation. I'm glad that I wisely chose to keep most of my savings in BTC. This serves as evidence of the potential benefits of decentralized and borderless assets like Bitcoin in preserving wealth amid economic uncertainties.

Davidvictorson

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Yes bitcoin has reached its ATH in my country. The Naira is a weak and failing currency. As you may have heard my country's president held some binance executive hostage because they claim binance and bitcoin are the cause of the weak currency. Irrespective of this we the citizens have move mostly of our wealth to bitcoin to save it from dwindling.

See a comparison between bitcoin price one year ago and today.

Source: https://www.coinbase.com/converter/btc/ngn

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Quote from: khiholangkang on March 04, 2024, 12:16:12 AM

~snip~
I would like to ask if in your country BTC has reached the old ATH or even the new ATH at the current price if using your local currency?

Honestly, I don't worry too much about it, because the last ATH was around $69 000 and when the price of 1 BTC is above that, I will consider that we have reached a new ATH. What I know is that compared to, say, 2019, I can buy much less for the same amount of money today - so even though various "experts & statisticians" talk about the fact that inflation was actually between 10% and 20% in the eurozone and that the inflation rate is actually falling, most the prices of products that I regularly buy have increased by 30% and even more than 100%.

Fortunately, we who believe in Bitcoin can consider ourselves lucky because we not only preserved the value of our money, but also created additional value that exceeds inflation. When I look at these geniuses who invest hundreds of millions of euros in government bonds and treasury bills (a financial discovery in my country Roll Eyes

) and they are happy because of the interest, which is between 3-4% per year - I wonder what would happen if they earned 100% in 1 year?

Topic: BTC ATH in local currency - page 2. (Read 553 times)