Bitcoin (BTC) is hitting new all-time highs against fiat currencies, but its next victim could be especially large.
Pound sterling struggles against rampant 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 levels in more than two years in United States dollar terms, but other milestones are in sight.
Among them is an impending all-time high against the pound. Set in early November 2021, the BTC/GBP record of just under $51,000 on Coinbase is nearing a retest.
The pair managed $41,973 on Feb. 15 — meaning that just 21% gains are required to enter price discovery.
The United Kingdom’s beleaguered currency faces a multitude of headwinds this year. Sticky inflation, a stagnant stock market and a real estate squeeze continue to leave a bitter taste in the mouths of consumers.
The latest data released this week, quoted by mainstream media sources, confirmed that the U.K.’s economy has fallen into recession after two straight quarters of economic contraction.
“The British Economy has become an utter joke,” James Van Straten, research and data analyst at crypto insights firm CryptoSlate, summarized in a post on the topic on X (formerly Twitter) on the day.
Van Straten noted the pound’s weakness against the dollar, with GBP/USD trading at $1.25 — historically, some of its lowest-ever levels.
The British Economy has become an utter joke.
— James Van Straten (@jvs_btc) February 15, 2024
The £ at 1.25
The FTSE at 7,500 (not moved for 20 years)
Housing at ATHs and soon-to-crater
Inflation is stuck over double the target
Buying a home, having a job in the UK is de-facto long the £ and UK economy. #Bitcoin is £7k… pic.twitter.com/3gMpMkOoFQ
The U.K.’s policy on cryptocurrency continues to target exchanges and the right to user anonymity.
The country also remains a lone outpost in Europe when it comes to a ban on crypto derivatives, having implemented the move in 2021.
BTC price records in Turkey and Japan
On the topic of all-time highs, meanwhile, U.K.-based entrepreneur and commentator Alistair Milne noted ongoing records for Bitcoin against the Turkish lira (TRY).
Related: BTC price due $55.4K next amid warnings over end of Bitcoin ‘euphoria’
Several other currencies, including the euro in addition to the Russian ruble, are on the cusp of copying the pound.
Everyone watches the BTCUSD charts because that's where the volume is
— Alistair Milne (@alistairmilne) February 15, 2024
But we forget that most people don't use USD day-to-day ... don't lose sight of how things look in other currencies. Some are at ATHs, others are at the last resistance before ATH
BTCEUR
BTCRUB
BTCTRY
BTCGBP pic.twitter.com/2SFkvYdRQ7
The Japanese yen (JPY) is already making new all-time highs, trading at nearly 8 million yen per Bitcoin on the day.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.