Data from an anonymous analyst has compared the performance of Bitcoin (BTC) against global currencies since early 2020.

The data shows that BTC gained between 50% and 128% against the major global currencies.

The analyst said:

“Update bitcoin price in different currencies and in different time frames. Let’s start with the beginning of the year to date, the price has risen from 57% in the European Union to 100% plus in Argentina, Brazil, South Africa, Russia, Turkey, etc. (Prices are based on the official exchange rate of the dollar The American may differ in reality).

Bitcoin performed much better than currency depreciations, often with high inflation rates. The Argentine peso hit 53.9% in 2019, its highest level in more than 30 years.

Against the Brazilian real and the Argentine peso, Bitcoin reported gains of 128.4% and 103.5%, respectively. Digital assets also rose 56% to 69% against reserve currencies like the US dollar and the euro.

The Venezuelan Bolivar strongly opposed bitcoins in the event of uncontrolled hyperinflation. Instability in several Latin American economies often leads to new spikes in peer-to-peer Bitcoin transactions in Venezuela and Argentina.

Prominent Wall Street investors such as billionaire Paul Tudor Jones have been describing Bitcoin as a potential inflation hedge since early 2020. MicroStrategy, a $ 1 billion publicly traded company in the US, recently bought $ 250 million worth of Bitcoin as its primary treasury asset.

Bitcoin’s strong performance against all of the world’s currencies since the start of the year may reinforce the argument that BTC is emerging as a store of value.

It is also important to note that the bitcoin price fell the most of any other commodity or indicator in March 2020. It fell when the price on BitMEX fell 65% to $ 3,596.

However, Bitcoin has rebounded strongly, reaching an annual high of more than $ 12,400, and posting an annual gain of 244% at the peak of the month. The analyst with a pseudonym highlighted the strong momentum of BTC, adding:

Bitcoin fell more than any other commodity or index earlier this year. Very few indices or assets have recovered these losses. Meanwhile, bitcoin has risen across all currencies since mid-February. From 6% in Sweden to 50% in Brazil and Zambia. ”

Given the positive development of BTC prices and their strong performance against the reserve currencies, strategists believe that Bitcoin could continue to thrive given the current economic uncertainty.

Meltem Demirors, Chief Strategy Officer at CoinShares, said:

“Where is Bitcoin in the business cycle? In times of economic uncertainty and dollar weakness, Bitcoin should benefit just like gold. If Bitcoin continues to be financed, it cannot remain insulated from the financial system.”

Some analysts argue that the value of global currencies has decreased against BTC and other assets such as gold, rather than bitcoin’s value appreciating dramatically.

Source: CoinTelegraph