Bitcoin hits new all-time highs against 14 national currencies – Balaji

exchange68September 11, 2024

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Quick Take

Analysis shared by Network State author Balaji Srinivasan indicates that Bitcoin has surpassed its all-time highs against currencies of fourteen different countries, which collectively represent over a billion people and account for more than $7 trillion in GDP. Among these countries are Argentina and Japan, which just entered a technical recession due to their recent economic developments.

Fourteen countries representing 1B+ people and $7T+ in GDP: (Source: Balaji Srinivasan)

Extending this data to a global scale, the population of these fourteen countries constitutes over 13% of the world’s total. Their collective GDP represents approximately 7% of the global GDP, exceeding $101 trillion, according to Srinivasan.

Moreover, Bitcoin’s ascendancy isn’t just limited to outperforming national currencies. Data reveals that Bitcoin is also marking unprecedented highs against TLT, the US long bond ETF, and the KRE, S&P Regional Banking ETF. This indicates Bitcoin’s growing potential as a viable alternative to conventional financial assets.

Analyst

James Van Straten

Former Lead Analyst at CryptoSlate

James fervently appreciates data, technology, and trend-spotting. As a tech and liberty maximalist, he hails Bitcoin as the 21st century’s paramount invention.

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