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Why Fiats Are Failing in 2020
From Brazil to Argentina to Turkey, bitcoin priced in local currencies is reaching all time highs. But is this a story of bitcoin succeeding, fiat failing or both?
Updated Sep 14, 2021, 10:23 a.m. Published Oct 23, 2020, 7:00 p.m.
From Brazil to Argentina to Turkey, bitcoin priced in local currencies is reaching all time highs. But is this a story of bitcoin succeeding, fiat failing or both?
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This episode is sponsored by Crypto.com, Nexo.io and Elliptic.
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Today on the Brief:
- DOJ crypto enforcement a “disaster” for privacy
- Ant’s blockchain tools pre-IPO
- Better news around jobless claims
Our main discussion: fiat failures, 2020 edition.
In this episode, NLW looks at a raft of geographies in which bitcoin has recently reached all-time highs, priced in the local currency. The story, he says, is about fiats floundering more than mispriced local bitcoin.
Special focus on economic happenings in Brazil, Argentina and Turkey.
Countries where #Bitcoin has hit a new ATH in their local currency:
— Alistair Milne (@alistairmilne) October 22, 2020
Brazil - pop. 209million
Turkey - pop. 82m
Argentina - pop. 44.5m
Sudan - pop. 41m
Angola - pop. 30m
Venezuala - pop. 29m
Zambia - pop. 17m
Soon:
Russia
Colombia
... then all other fiat currencies
See also: Inflation Is the Cruelest Tax
For more episodes and free early access before our regular 3 p.m. Eastern time releases, subscribe with Apple Podcasts, Spotify, Pocketcasts, Google Podcasts, Castbox, Stitcher, RadioPublica, iHeartRadio or RSS.
Note: The views expressed in this column are those of the author and do not necessarily reflect those of CoinDesk, Inc. or its owners and affiliates.
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What to know:
- Bitcoin surged towards $100,000 on Wednesday's U.S. trading session, gaining 3.2% in the past 24 hours.
- The rally coincided with significant spot BTC price premium on Coinbase.
- Fed Chair Jerome Powell called bitcoin a competitor to gold during a panel discussion.
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