Bitcoin is now at or near the top of these 5 fiat currencies.
Bitcoin (BTC) is hitting new all-time highs against fiat currencies, but its next victim could be an especially big one.
The pound sterling struggles with the spread of Bitcoin
Data from Cointelegraph Markets Pro and TradingView shows that a new BTC price record is coming for the British Pound (GBP).
Bitcoin may be at its highest level in more than two years against the US dollar, but other milestones are on the horizon.
Among them is an all-time high for the pound. Set for early November 2021, the BTC/GBP record low below $51,000 on Coinbase is nearing a retest.
The pair managed $41,973 on February 15 – meaning only a 21% gain is needed to post a price breakthrough.
The UK currency has faced several headwinds this year. Sticky inflation, a stagnant stock market and a real estate squeeze continue to leave a bitter taste in consumers' mouths.
The latest data released this week, cited by mainstream media sources, confirmed that the UK economy had slipped into recession after two consecutive quarters of recession.
James van Straten, a research and data analyst at CryptoSlate, summed it up in a post on X (formerly Twitter) earlier in the day titled “The British economy has become an absolute joke.”
Van Straten noted the pound's weakness against the dollar, with GBP/USD trading at $1.25 – historically, some of the lowest levels ever.
The British economy has become an absolute joke.
The £1.25 FTSE is stuck at 7,500 (haven't moved for 20 years), home to ATHs and soon-to-be-grounded inflation at more than double the target.
Buying a home, having a job in the UK is a long shot of the £ and the UK economy. #Bitcoin is £7k… pic.twitter.com/3gMpMkOoFQ
— James Van Straten (@jvs_btc) February 15, 2024
UK policy on cryptocurrency continues to target exchanges and user privacy.
The country remains the only exit in Europe when the ban on crypto derivatives is lifted by implementing the measure in 2021.
BTC price records in Turkey and Japan
Meanwhile, on the topic of all-time highs, UK-based entrepreneur and analyst Alistair Milne cited continuous records for Bitcoin against the Turkish Lira (TRY).
RELATED: Bitcoin ‘euphoria' end amid warnings BTC price next closes at $55.4k
In addition to the Russian ruble, several other currencies, including the euro, are recording the pound.
Everyone looks at BTCUSD charts because the volume is there, but we forget that most people don't use USD on a day-to-day basis…don't forget how things look in other currencies. Some are at ATHs, while others are at the last resistance before the ATH
BTCEURBTCRUBBTCTRYBTCGBP pic.twitter.com/2SFkvYdRQ7
— Alistair Milne (@alistairmilne) February 15, 2024
The Japanese Yen (JPY) is hitting a new all-time high with bitcoin trading at around 8 million yen per day.
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
