Bitcoin Just Reached an All-Time High...so Why Is No One Talking About It?

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TL;DR

• Did you know Bitcoin just reached an all-time high? Neither did we! But it did...just not in US dollars. Nope. Bitcoin just reached an all-time high in Argentinian pesos (ARS).

• And it wasn't because of any major change in Bitcoin's value, but to a change in the value of ARS - it's value is dropping, fast.

• The fact that BTC is reaching an all-time high in ARS, in the midst of a bear market, is a pretty chilling reminder of what inflation can do to a currency.

Full Story

If you've spent any time in or around the Bitcoin community, you might have heard this term:

1 Bitcoin = 1 Bitcoin.

Which is (surprise surprise) a dig at fiat currencies, like the U.S. dollar.

Here's what it means:

Bitcoin doesn't actually go up in price, rather, the U.S. dollar just becomes less valuable over time - so you have to spend more USD to buy BTC as time goes on.

Which is true to some extent - inflating currencies lose their buying power over time.

And while Bitcoin's 3,000,000x increase in price over the past decade isn't all due to dollar inflation, it does play a role.

Today we're talking about a very clear example of 'Bitcoin as an inflation hedge.'

Did you know Bitcoin just reached an all-time high?

Neither did we! But it did.

...just not in US dollars. Nope. Bitcoin just reached an all-time high in Argentinian pesos (ARS).

And it wasn't because of any major change in Bitcoin's value, but to a change in the value of ARS - it's value is dropping, fast.

So what's the takeaway?

The fact that BTC is reaching an all-time high in ARS, in the midst of a bear market, is a pretty chilling reminder of what inflation can do to a currency.

If you've ever wondered why so many people stan Bitcoin - this is one of the main reasons:

Only 21M BTC will ever be created - meaning it can't be devalued via inflation.