The countries setting all-time high BTC prices in local currencies include Argentina, Egypt, and Japan, notes Balaji Srinivasan.

The price of bitcoin has reached an all-time high in the local currencies of 14 countries , according to a Feb. 22 X thread from crypto entrepreneur Balaji Srinivasan, who previously served as the chief technology officer at Coinbase. The countries represent more than one billion people and over $7 trillion in gross domestic product (GDP), according to Srinivasan’s calculations. 

Bitcoin has passed all-time highs in fourteen countries. pic.twitter.com/GjKF56J8qr

— Balaji (@balajis) February 22, 2024

The countries are Argentina, Burundi, Congo, Egypt, Ghana, Japan, Laos, Lebanon, Malawi, Nigeria, Pakistan, Sierra Leone, Sudan, and Turkey. The local prices of BTC include 42,993,649.49 Argentine pesos, 7,715,409.08 Japanese yen and 1,589,343.09 Turkish Lira. 

“The dollar is a vampire. It drains the life out of every other fiat currency. But then Bitcoin flips the dollar,” wrote Srinivasan. “Because since Bitcoin’s inception…USD has collapsed against BTC by six orders of magnitude. Just a few more to go.”

In U.S. dollar terms, the price of BTC currently sits at $51,240, which is still about 26% below the $69,044 in November 2021. However, bitcoin has been on a steady climb in U.S. dollar terms since last September, driven higher first by the market optimism surrendering the expected SEC approval for the first spot bitcoin exchange-traded funds (ETFs) in the U.S., and then the ETFs beginning to trade last month and attracting large amounts of investment. 

Read more: VanEck and WisdomTree’s Spot Bitcoin ETFs See Massive Uptick in Trading Volumes