Connect with us

À la une

Bitcoin shows fall of Colombian peso in 5 years

Published

on

Advertisement


Betting
– The best bitcoin casino


The best online experience with ultra-fast payouts and withdrawals. Incredible and frequent bonuses and promotions for players. Wide selection of high quality games and helpful and responsive support staff;

Bet now!

The devaluation of various currencies, such as that of the Colombian peso (COP), can be measured by taking bitcoin (BTC) as a benchmark. A look at the price of bitcoin in 2017 can make it clear how investing in bitcoin back then might have been better than doing so today, with bitcoin at $19,000.

According to market analyst Juan Rodriguez, 1 BTC in 2017 was worth 56 million Colombian pesos, with BTC at US$19,000. Currently, although has the same price in dollars, 1 BTC is equivalent to 96 million pesos..

“If you had traded those $56 million in bitcoin in 2017, today you would have $94 million; if you had left them in pesos, today it would be $38 million that the devaluation took away,” Rodríguez suggests.

The price difference between currencies that devalue at different accelerations or rates can be felt in this type of comparison. Source: Juanbiter / Twitter.

On the other hand, the purchasing power of the dollar today is not the same as in 2017.. In other words, 1BTC today is cheaper than at the end of 2017, because the same $19,000 of its price does not have the same purchasing power. The dollar has devalued over these five years.

The devaluation of the dollar is remarkable. In ten years it has devalued by 99.9% Source: usdsat.com.

According to the data provided by usdsat.com, the dollar was worth 16,963 satoshi (minimum unit of 1 BTC) in 2017. Today the dollar is worth 5,205 satoshi.. This represents a devaluation of 69.31% against bitcoin.

A lire aussi :   Le coronavirus berce l'idée du Bitcoin en tant qu'or numérique

More expensive bitcoins and devalued national currencies.

Beyond the coincidence in terms of price, it can be kept in mind that, at the end of 2017, buying BTC on the markets required a considerable investment of fees for the miners of the network. At that time, the network was not prepared, in terms of transaction processing, for the enormous demand that came in a short time.

At that time, the price of bitcoin reached record levels, but it did not last long. Anyone who wanted to buy BTC at that time, at $19,000 or even less, would have had to pay high taxes of $30 or $50, for very small amounts of a few hundred dollars in BTC. Or wait until the transaction is confirmed to get a lower fee.

The analogy between the value of 1 BTC and other state currencies allows us to demonstrate how the policies of central banks devalue currencies. This is evident in the value of the dollar, but even more so in the value of the Colombian peso.

Currency Inflation. between the powers and developing countries, including the global economic crisis, can be traced back to the monetary issuance of central banks, which increased as a result of the pandemic. substantially in countries such as the United States.

Continue Reading

Trending

Copyright © 2017 Zox News Theme. Theme by MVP Themes, powered by WordPress.