Bitcoin hits record high against Japanese yen, Japan's GDP overtaken by Germany, losing its position as the third largest economy.
Bitcoin has recently surged in price, reaching a new all-time high when compared to the currency of certain high inflation countries, despite still needing about a 33% increase to reach its previous high in 2021.
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Bitcoin Surpasses $52K, Impressive Data Revealed
With the recent outstanding performance of the U.S. stock market and Bitcoin ETFs, Bitcoin has surged past $52,000, bringing forth many impressive data points:
Bitcoin's market capitalization reaches $1 trillion
Surpasses Berkshire Hathaway to re-enter the top ten global assets list
MicroStrategy's Bitcoin holdings approach $10 billion
Is MicroStrategy being included in the S&P 500 index? Sparks discussions
Bitcoin at $52K! Is the Up Only Mode Activated? Wall Street Funds Continue to Flow into BTC ETFs, Gold ETFs Losing Popularity
Bitcoin Hits Historic High against Japanese Yen
Bitcoin has not only hit historic highs against the currencies of certain high inflation countries but also against the Japanese Yen.
According to the exchange Bitfinex, on February 15th, the BTC/JPY trading pair reached 7,917,600 Japanese Yen, surpassing the 7,828,800 Japanese Yen on November 10, 2021.
In addition, BTC to ARS Argentine Peso, BTC to TRY Turkish Lira, BTC to NGN Nigerian Naira, and other countries, the increase in Bitcoin's value has been even more dramatic.
The exchange rate of BTC to ARS has increased more than seven times compared to its previous high in November 2021.
Germany Overtakes Japan in GDP, Japan Loses Third Largest Economy Position
Recent data from the International Monetary Fund IMF indicates that in 2023, Germany's GDP is $4.5 trillion, while Japan's is $4.2 trillion.
This marks the second time Japan has been surpassed, with China overtaking it in 2010, now being overtaken by Germany, placing Japan as the world's fourth largest economy.
In the fourth quarter of 2023, Japan's GDP decreased by 0.4% compared to the same period last year, but in reality, Japan's GDP grew by 1.9% in 2023, surpassing the 1.0% growth in 2022; China's nominal GDP growth rate of 4.6% is the first time in 46 years that it has been lower than Japan's 5.7%.
