The flagship cryptocurrency is still setting the tone in the crypto market. Remarkably, Bitcoin has displayed the strongest performance among both digital assets and fiat currencies. The reason for Bitcoin’s stunning rally is that it has come into the spotlight in many countries.
In the last few days, the number one crypto hit historic highs against the national currencies of Japan, Argentina, and the Philippines. Experts attribute this rally to the rapid depreciation of the Japanese yen, the Argentine peso, and the Philippine peso on the back of a surge in global inflation. Besides, the trend of weakness of fiat currencies against the US dollar adds fuel to the fire.
Experts reckon that Bitcoin has aroused great interest among the population in these countries due to the profound weakness of the national currencies. Moreover, analysts underscore unhealthy economic conditions in Japan, Argentina, and the Philippines. Under such fundamentals, the first cryptocurrency retains its purchasing power, being a decentralized digital asset with limited emission. This feature makes Bitcoin a wise option for savings.
Nowadays, investors in countries with sapped national currencies are shifting focus to Bitcoin, using it as a safe-haven asset to cushion their savings against inflation, crypto analyst Justin Drake explains the high demand for BTC. Most experts are on the same page with him.
