The price of Bitcoin exceeds its all-time high in Chile, after doing so in Colombia, Argentina, and Brazil. Bitcoin is still 11% below its all-time high in US dollars.
The price of the pioneering cryptocurrency continues to climb to all-time highs dating back three years. However, there are countries like Chile, where it recently reached that milestone.
The value of the cryptocurrency exceeded its all-time high (ATH) in the South American country. On its Twitter account, the Buda exchange indicated that Bitcoin exceeded 14 million Chilean pesos (CLP).
This rise and the breaking of the all-time high in Chile coincided with Bitcoin surpassing the USD 18,000 barrier. The latter event had not occurred since the famous bullish run in 2017 when the price of BTC flirted with USD 20,000.
In Chile, the previous all-time high dates precisely from the end of 2017; this was when the price of Bitcoin approached CLP 14 million. The foremost cryptocurrency reaches those levels in the South American country when it is still 11% below its all-time high in US dollars; this shows how the Chilean fiat currency has been depreciating in recent years.
After hitting USD 18,000 recently, Bitcoin underwent a correction to around USD 17,500 at the time of writing this article. The current price of Bitcoin in Chile is below the new all-time high, around CLP 13.5 million.
Although Bitcoin has yet to reach its all-time high in US dollars, the bullish sentiment remains. According to various analysts, the price of the cryptocurrency is just starting a bullish run more prominent than that of 2017 and will soon break the levels of that year. Until now, its growth rate has been very fast, going from USD 11,800 to more than USD 17,500 in just one month, according to data from CoinGecko.
All-time High of Bitcoin in Latin American Countries
The all-time high for the price of Bitcoin in Chile comes before it occurs in US dollars. That shows the devaluation of the local fiat currency. However, it is not the first country in the region to have experienced this situation. The national fiat currency of Venezuela has been depreciating very rapidly for years and continuously breaking its all-time highs. On the other hand, other Latin American countries have recently reached their all-time highs for the price of Bitcoin.
A few weeks ago, its price in Colombia exceeded 56 million Colombian pesos (COP) per unit. In Argentina and Brazil, it had already exceeded its all-time highs in the local fiat currencies.
Unlike the cryptocurrency market of 2017, institutional investment and the entry of large companies has been decisive. Some examples of this adoption scenario are the investment of MicroStrategy, the adoption of Bitcoin by PayPal, and the appearance of one of the wealthiest entrepreneurs in Mexico.
The devaluation of the fiat currencies of the region has led the pioneering cryptocurrency to hit all-time highs higher than those in US dollars. In these countries, Bitcoin has become the store of value that people prefer to safeguard their funds.
By Willmen Blanco
