Bitcoin is Up 172,726% Since 2012 while Argentine Peso has Lost 90% and Turkish Lira 70% of Value

  • Central bank to smooth Peso volatility
  • Selling Dollars to prop up Lira and capital controls
  • Printing money drives the plunge unlike Bitcoin’s fixed supply

If we take a look at the fiat currencies, unsurprisingly they have lost a huge part of its value in the last 7 years.

Since 2012, more than 20 fiat currencies have lost their value. Among these currencies, Venezuela is out of the picture as it is going through hyperinflation while Argentine Peso has lost almost 90 percent of its value.

Central bank to Smooth Peso Volatility

It is further weakening as the country’s presidential election took an unexpected twist. Cristina Fernández de Kirchner, a former president who has an ardent support base but not by global investors, took everyone by surprise by saying she would run as vice president alongside, Alberto Fernandez, former cabinet chief who has both criticized and backed her in the past.

“We view the market implications of this announcement as net negative,” said analysts at Citi Research in a note. High volatility is expected as the story develops while expecting “central bank intervention to smooth peso volatility if the market reaction is ultimately negative.”

Selling Dollars to Prop up Lira and Capital Controls

Turkey’s Lira is another currency that is down by more than 70 percent. The currency has been battered since last year when it lost nearly 30 percent of its value while losing about 12 percent this year on concerns over rerun of Istanbul mayoral elections and ties with Washington.

Recently, authorities took unorthodox steps to protect the local currency. One such step was the state banks selling dollars to prop up the lira.

Moreover, tax on some foreign exchange sales has been raised to discourage its citizens from converting savings to foreign currencies. The latest move, that will be effective on Tuesday, is aimed at:

“contributing to the stable operation of financial markets and the effective operation of the loan system and the prevention of potential speculative transactions.”

Printing Money Drives the Plunge Unlike Bitcoin’s Fixed Supply

Russian Ruble and Brazilian real are down more than 50 percent while Colombian Peso and South African Rand down over 40 percent with Indonesian Rupiah, Mexican Peso, Chilean and Peso have fallen more than 30 percent during this period.

Other currencies like Chinese Renminbi, South Korean Won Czech Koruna, Indian Rupee, Singapore dollar and more are down about 10 to 20 percent.

Apart from political and economic issues, governments printing money is one common and integral denominator fueling this plunge.

In vast contrast, the leading cryptocurrency is up 172,726% since 2012 when it was trading at $4.60. Currently, it is near $8,000. Unlike fiats, Bitcoin can’t be printed just out of whim as well. It has a fixed 21 million supply which is deflationary in nature.

bitcoin price paragraph =

Bitcoin’s price is $10,719.74 BTC/USD exchange rate today. The real-time BTC market cap of $198.21 Billion currently ranks #1 with a chart dominance at 62.37%, daily trading volume of $120.55 Billion and live coin value change of BTC 0.11 in the last 24 hours.

live bitcoin price widget =

Live Bitcoin (BTC) Price:

1 BTC/USD =$10,719.7382 change ~ 0.11%

Coin Market Cap

$198.21 Billion

24 Hour Volume

$120.55 Billion

24 Hour VWAP

$10.68 K

24 Hour Change

$11.7031

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AnTy
AnTy
AnTy has been involved in the crypto space full-time for over two years now. Before her blockchain beginnings, she worked with the NGO, Doctor Without Borders as a fundraiser and since then exploring, reading, and creating for different industry segments.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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