Insights

Bitcoin up 287,000% since 2011; GBPUSD 11% away from all-time low

exchange68September 13, 2024

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Quick Take

The pound has been in a long-term decline since the 70s. In 1971, it was 2.4 pounds to a dollar, and it is now at 1.2, a 50% drawdown.
Currently, GBPUSD is at 1.20, which is only 11% away from its all-time low of 1.08.
However, BTCUSD is up almost 287,000% since 2011.
It has been reported that a Digital pound is likely this decade.
Chancellor Jeremy Hunt said the new CBDC would be a “new trusted and accessible” way to pay.
Supposedly, hoarding ‘Bitcoin’ will be banned due to bank run fears under Sunak’s digital currency regulations.

BTCUSD: (Source: TradingView)

GBPUSD: (Source: TradingView)

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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