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Bitcoin continues to march toward new all-time highs in Japan, Argentina, and the Philippines, cementing the place that the cryptocurrency has managed on the global scene. As reported during the day of May 21, the cryptocurrency had gained over 7% in the last 24 hours, driving it to a six-week high of $71,650. In Japan, Bitcoin went past 11 million yen for the first time. In this country, as in the Philippines, this increase is given by the devaluation of local currency in relation to the dollar.
In Argentina, where inflation has reached 290%, Bitcoin achieved a peak at 63.8 million Argentine pesos. This spike in the cryptocurrency is proving to be a means for hedging against economic instability. Also in the Philippines, Bitcoin continued to grow to new levels—a new high of 4.18 million pesos—strengthening the new relevance that the coin acquires in different economic environments.
These represent new milestones in the indication that Bitcoin is heading toward a new peak in US dollars, which has been pegged at $73,738. That, with huge global traders cutting short, is now setting the stage for maybe some new peaks, cementing the place of Bitcoin as a real force in the financial world.
