The maximum price of Bitcoin in Colombia was previously around 54.5 million Colombian pesos. The pioneering cryptocurrency is still 17% below its all-time high in US dollars.
The price of Bitcoin is rebounding to levels from its biggest bullish run, breaking above USD 16,000. Besides, the appreciation of the cryptocurrency in Colombia has already reached its all-time high in pesos (COP), the local fiat currency.
For the first time in its history, the price of Bitcoin in the South American country is above COP 56 million. That figure exceeds its previous all-time high, which was just under COP 54.5 million, according to data from cryptocurrency exchange Buda.
The previous all-time high occurred in December 2017, coinciding with the largest bullish run in Bitcoin’s history. On that occasion, the main cryptocurrency in the market approached USD 20,000.
This increase in the price of Bitcoin in Colombia shows that the local fiat currency has depreciated over time, compared to the US dollar. The all-time high for Bitcoin in Colombian pesos comes when it is still 17% below the all-time high in US dollars of 2017, according to data from CoinGecko.
Even though it is far from the all-time high in US dollars, some analysts believe that the price of Bitcoin will return to those levels soon. In fact, during this new bullish stage, Bitcoin has already exceeded USD 16,000 for the first time since January 2018, when the fall began after the run in 2017.
Devaluation of Local Currencies and All-Time Highs of Bitcoin in Latin America
It is common to hear that there is a devaluation of local fiat currencies against the US dollar. For that reason, the price of Bitcoin reaches all-time highs in some Latin American countries, long before its value relative to the US fiat currency approached its highest levels.
In this scenario, the case of Venezuela is paradigmatic, but the price of Bitcoin has broken records in other countries in their respective fiat currencies. For example, last October, Argentina overcame the barrier of 2 million pesos (ARS) per Bitcoin unit.
In addition to the above-mentioned countries, the pioneering cryptocurrency exceeded its all-time high in Brazil, Turkey, and three African countries in October. At the time, the price of Bitcoin was above 72,700 Brazilian reais (BRL). Now, it is approaching BRL 90,000, according to the price table in the region.
Cryptocurrency exchange Buda estimates that Chile will be the next country in the region where Bitcoin will reach a new all-time high. Bitcoin continues its bullish trend in US dollars, while institutional investment is becoming more common, and large companies, such as PayPal, are paying more attention to it.
The devaluation of national currencies in Latin America has allowed the price of the main cryptocurrency to achieve all-time highs. In those countries, people see Bitcoin as a store of value that can help them protect their money. Even institutional institutions have shown their interest in the pioneering crypto asset by increasing their investments in it.
By Alexander Salazar