Bitcoin price remains stuck ranging around lows near $38,000. However, the price per coin trading against the Russian ruble has set a new record all-time high as the nation’s currency is in fiat free fall.
While stronger currencies like the dollar have yet to follow, is the chart you’re about to see a prelude to what other currency pairs with BTC might look like in a matter of time?
Bitcoin Rumbles With The Ruble, Sets New ATH
Bitcoin hasn’t quite lived up to its potential as an inflation hedge, but there is still hope for a narrative to flourish surrounding its use as an insurance policy against the unknown.
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New lows were all but a given for the recently bearish Bitcoin, but the conflict between Russia and Ukraine has thrown the crypto market for a curveball. Decentralized digital assets are currently among the only ways to easily make donations abroad, and are being used to evade strict economic sanctions.
A new all-time high has been set against the ruble | Source: BTCRUB on TradingView.com
The dramatic rush from Ukrainian citizens and Russian oligarchs helped temporarily send the price per BTC surging. Continued interest and soaring volume from these countries combined with the collapse in the Russian ruble has helped Bitcoin set a new all-time high price record in the BTCRUB trading pair. Each coin set a peak of more than 5 million ruble per BTC.
Fiat Currency Russian Roulette Is Here, Is The Dollar Doomed?
The new all-time high on the BTCRUB pair is the result of the Russian ruble falling more than 50% against the United States dollar since the start of the year. As the global reserve currency, most financial assets are priced in USD.
BTCUSD is more commonly quoted than BTCRUB, for example. Until the first ever cryptocurrency sets a new record against the almighty dollar, an all-time high in another currency isn’t anywhere near as significant.
Related Reading | The Russia-Ukraine War Is Becoming A War On Crypto
But there is still plenty of significance. Bitcoin was created to provide an alternative to the fiat currency system that was so clearly headed for collapse. Aside from gold, until Bitcoin, every monetary system has been debased to disastrous proportions — and it is happening once again.
How long until the dollar follows currencies like the lira above? | Source: BTCTRY on TradingView.com
The dollar is strong at the moment, but currencies across the globe are in free fall due to crushing government debt and other crises. Bitcoin set a new record high against the Turkish lira long ago, and eventually other fiat currencies will follow in line.
It’s when USD takes a bow to BTC that the entire world will notice. Is that what the future holds? Or is the cryptocurrency market headed for further collapse?
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Featured image from iStockPhoto, Charts from TradingView.com