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Bitcoin's Performance Against Major Currencies

In the world of finance 2019, there are more than just a few things to think about.  Towards the top is Bitcoin, and its amazing rise in 2019.

The question here is really one of speculation - What will Bitcoin represent in 2024, five years from today?  But before doing some guessing on the future, it seems worthwhile to see what Bitcoin has done this year against some of the world’s major currencies.  

Bitcoin vs. Euro
Up first, Bitcoin vs. the Euro.  Bitcoin’s price started 2019 at 3,353 euros, down a fair amount from where Bitcoin traded in 2018.  The rise in 2019 has been more spectacular.  As of writing, Bitcoin’s euro price has increased to 8,705, representing a gain of 160%.  Healthy by most any measure.    


Bitcoin vs. USD
The value of Bitcoin against the U.S. dollar is just about as amazing as it looks against the euro.  Bitcoin started the year at $3,768.  As of writing, the cryptocurrency was up to $9,491.  That represents a gain of 152%.  Not as strong as against the euro, but still nothing to scoff at.


Bitcoin vs. Yen
Shifting to the east, the following is the price of Bitcoin in yen.  The rise is not quite as amazing than the picture painted by Bitcoin’s price versus the euro or dollar, but still quite strong.  Bitcoin started 412,000.  As of writing, the price of Bitcoin in Yen was up to 1,010,000, representing a gain of about 145%.  


Bitcoin vs. Rubble
The fourth comparison is Bitcoin priced in Russian Rubles.  As with the other currencies shown up to this point, Bitcoin has become much more valuable than the Russian Ruble during 2019.  At the start of 2019, it only took 251,000 rubles to purchase one Bitcoin.  As of writing, it now takes 645,000 rubles to purchase one Bitcoin.  That is an increase (or decrease, depending on your perspective) of 157%.  


Bitcoin vs. Pound
Lastly, Bitcoin in UK pounds.  The 2019 year has seen Bitcoin perform incredibly well.  Bitcoin in British pounds started the year at 2,977.  As of writing, the king of cryptocurrencies was trading at 7,787.  That represents a gain of 162%.  Brexit may be a good long-term move for the UK economy, but in the short-term, it has made the pound worth much less compared to the emerging cryptocurrency world, in particular Bitcoin.


What Will Happen?

Having established that Bitcoin is an asset worth gaining in value against paper currencies, the question now becomes - What does the future hold for Bitcoin?

On the one hand, some governments are worried about criminal use of Bitcoin.  Many governments also wonder how or whether Bitcoin profits (or activity in general) should be taxed.  Other critics point out that Bitcoin has no intrinsic value - mentioning that Bitcoin is only worth as much as what another person is willing to pay for it.  A similar critique comes from the investment world.  Some famous investors, such as Warren Buffet, have criticized the cryptocurrency as not a legitimate investment because the only way one makes money on the investment is by hoping that someone else will be willing to pay more for it later.

On the other hand, Bitcoin could very easily have a very bright future.  Bitcoin can act as a hedge against imprudent central banks and their printing presses.  Bitcoin is also an efficient way of transacting with people from around the world.

If there is one conclusion from this discussion, it is that Bitcoin is probably here to stay.  People around the world have accepted it as a legitimate store of value and as a useful tool to conduct transactions.  The bigger question - what Bitcoin will look like in five years from now - is the question of the day.  It is completely possible Bitcoin could become the world’s second “global currency”, offering individuals a second option besides gold for storing their wealth against currency risk.  It is truly an amazing time to be in finance.