One Bitcoin Value Surpasses ¥ 1 Million in Japanese Yen
- 1 Bitcoin now worth more than 1 Japanese Yen, An Important Psychological Signal says Analyst planB
- But it’s not just yen but 10 other fiat currencies that are shelling out million for 1 BTC
When in the US Dollar? Between 2024 and 2028
Bitcoin price is making new 2019 peaks as on the weekend, we climbed to $9,391 level. Though, we are constantly on the rise, having left the low of $3,150 from December 2018 far behind, Bitcoin still is 54 percent down from its all-time high of $20,000.
Industry experts are calling out for the end of crypto winter as we make a splash for the crypto spring. Not far from $10,000, once we cross this level, it’s time for FOMO to kick in and take us to new all-time highs.
For the time being, the flagship cryptocurrency is hitting important levels but these points that were hit during the weekend are not in dollars but in other fiat currencies. When BTC/USD climbed above $9,300, Bitcoin surpassed 1 million in Japanese Yen, which analyst planB says is an important psychological level.
— PlanB (@100trillionUSD) June 16, 2019
Meanwhile, Bank of Japan Having a Meeting
In Japan, currently, the Bank of Japan is going to have a meeting on Tuesday which is widely expected to continue with its stimulus program to maintain short term rate target of -0.1 percent.
The country has been maintaining ultra-low interest rate for several years now which have been putting a strain on financial institutions‘ profits. But in the light of ongoing trade war, the likelihood for a possible economic downturn is increased and is further forcing the bank to explore the ideas to counter it.
For now, USD/JPY is trading somewhat bullish over a stronger greenback after a strong US sales report before this weekend.
Increased expectations for a rate cut by the Fed in the near future also weigh on Japan's economy and if it happens, this could increase the safe haven appeal for the Japanese Yen and strengthen the currency. However, Japanese economy relies on exports, so this could cut into its export-related earnings.
It’s Not just Japnese Yen but Many others!
However, it wasn’t only Japanese yen that crossed this 1 million mark. Fiat currencies like Korean Won (130), Chilean Peso (699), Colombian Peso (3,267), Icelandic Krona (125), Indonesian Rupiah (14,326), Jamaican Dollar (1,184), Nigerian Naira (306), Pakistani Rupee (156), Sri Lankan Rupee (176), and Venezuelan Bolivar (6,172,839) that crosses three digits against 1 USD all belong in this category.
But when in US dollar?
Analyst planB who uses stock to flow model to determine the value of Bitcoin says between the period of 2024 and 2028 which will be after fourth halving but before fifth halving, Bitcoin will cross the $1 million mark that will put the market capitalization in trillion dollars, likely much ahead of gold.