Categories: Bitcoin News

Bitcoin for the Win! Fiat getting Bashed While BTC Surpassing Currency Circulation

Fiat currencies crisis is spreading like wildfire all over the world, the latest ones are Indonesian Rupiah and Argentina’s peso. Meanwhile, Bitcoin keeps on growing…

advertisement

Fiat currencies crisis is spreading like wildfire all over the world, the latest ones are Indonesian Rupiah and Argentina’s peso. Meanwhile, Bitcoin keeps on growing its presence with rising demand and circulating supply.

Advertisement

Currency crisis on rising across the globe, Indonesia & Argentina feeling the dread

Fiat currencies are not at all doing good around the world. Every day that passes, fiat of one country or other is hitting the rock bottom. We already know the condition of Iran’s Rial, Turkey’s Lira and Venezuela’s Bolivar.

Now, Indonesian Rupiah is losing its value as it drops down to its lowest since the Asian financial crisis. In 20 years, it is the lowest Indonesian Rupiah has fallen against the US dollar. Despite the Bank Indonesia raising its interest by 125 basis points, the rupiah dropped 8.7% since the year beginning.

Though the Indonesia rupiah has been falling since the start of year amidst the trade war between the US and China, the decline gathered speed with Argentine Peso plunge.

Argentina is yet again struggling with the financial crisis as its currency declines another 15% against US Dollar despite the country’s central bank raising the interest rate 60% to stop investors from pulling their money out of the country.

Advertisement

Latin America’s third-largest economy is raising the hackles of the investors as the concern over the country defaulting to repay the heavy government borrowing rears its ugly head. Just recently, President Mauricio Macri appealed IMF for quicker release of $50 billion loans. Argentina’s peso has hit 38 pesos against US dollar while its inflation rate is 25 percent.

Also, read: Silk Road Bitcoin Wallet Activates Again, Huge Dump Anticipated by the Community

Meanwhile, Bitcoin is creating its strong presence

While fiat currencies are dropping down right, left and center, Bitcoin is slowly creating its place at the world level. Now, Bitcoin is leaving behind the currencies in the form of fiat coins and banknotes in circulating supply as shared by a crypto enthusiast, Kevin Rooke, on Twitter:

This certainly made for an interesting conversation over the Internet as one Redditor shared,

“this chart only considers the coins and banknotes issued by countries. Just saying BTC is already worth more than all the circulating coins and banknotes in Great Britain, which is really cool.”

While another one shared,

“Yes that because, in the UK anyway, the majority of people now use cards not cash; it’s probably very similar for South Korea and Canada too.”

Moreover, as fiat currencies keep on falling down dangerously, investors from all over the world are turning to Bitcoin as shared here on Twitter:

Cryptocurrencies, especially Bitcoin has been gaining substantial weight globally as a safe haven against the currency and economic crisis, so Bitcoin adoption rate just might take a hike as well.

To keep track of DeFi updates in real time, check out our DeFi news feed Here.

Anjali Tyagi

Having a background in writing, I worked on a wide array of industry topics and have recently entered the world of Blockchain and Cryptocurrency.

Recent Posts

Bridge Mutual Partnership with Plasma Finance takes DeFi Insurance to a New Level

As of today, Bridge Mutual, a decentralized insurance provider, and DeFi aggregator Plasma Pay and…

38 mins ago

BlackRock & Barclays Share Contrasting Views on Bitcoin (BTC), Institutional Game Gets Tough

As Bitcoin (BTC) price continues to trade at a crucial junction, there's a mix of…

49 mins ago

Bitcoin (BTC) Under Biggest Liquidity Crisis In Years, Selling Onwards Could be Dangerous

After consolidating a while between $35,000-$36,000, Bitcoin (BTC) continues to remain under pressure. Today, BTC…

4 hours ago

ETH Price Analysis: Ethereum Price Stalls After Record High, Why Fundstrat Analyst Believes $15,500 is Next?

Ethereum’s short-term outlook is bearish, price could fall to $1,250 while seeking support above $1,200.…

19 mins ago

Coinbase Custody Lists Ankr [$ANKR], Price of ANKR Token Soars by 30% in last 24 hrs

Coinbase custody today listed Web 3.0 enablement platform Ankr's native $ANKR token. The news has…

8 hours ago

Ripple Price Uptrend In Jeopardy If It Slices Under This Crucial Resistance

Ripple has officially been delisted from Coinbase, thus reducing the buying pressure behind the token.…

9 hours ago