Bitcoin triumphs over Japanese yen, reducing its value to zero
Yen, the third most traded fiat currency in foreign exchange markets, has experienced a significant decline in value against Bitcoin.
As the Japanese authorities struggle to combat hyperinflation in the economy, the Japanese yen has plummeted to its lowest point in 34 years. Bloomberg reports that this decline is primarily attributed to the disparity between local interest rates and those set by the U.S. Federal Reserve.
Meanwhile, Bitcoin (BTC) has surpassed the yen in terms of direct monetary value. On April 25, Google Finance displayed that one Japanese yen was equivalent to zero BTC.
In February, BTC experienced a surge in value against various fiat currencies, reaching all-time highs in approximately 14 countries. This surge was fueled by the excitement surrounding the newly approved spot BTC ETFs.
The response from the crypto community has been overwhelmingly positive, with many praising Bitcoin as “sound money” and a groundbreaking innovation that has the potential to liberate individuals from the confines of the global traditional economic bubble.
Users have echoed the sentiment expressed by BTC advocate Michael Saylor, who lauds Bitcoin’s superior design. This refers to Satoshi Nakamoto’s system which ensures that only 21 million BTC will ever exist. This cap is hardcoded into Bitcoin’s blockchain, making it impossible to surpass. Additionally, the halving process controls inflation by reducing the number of new tokens in circulation. The most recent halving occurred last week, and Bitwise CIO Mat Hougan believes it will greatly benefit Bitcoin’s long-term market value.
Read more: Bitwise CIO: Bitcoin halving is a significant event that prompts investors to “buy the news.”
