Japanese yen goes to zero against Bitcoin
Yen, the third-most traded fiat currency in foreign exchange markets, has fallen flat against Bitcoin.
The Japanese yen crashed to a 34-year low as authorities struggled to stem hyperinflation in the economy. According to Bloomberg, Japan’s sovereign fiat money suffers mainly due to a difference between local interest rates and U.S. Federal Reserve rates.
While the Japanese government navigates this conundrum, Bitcoin (BTC) has outstaged the yen in direct monetary value. On April 25, Google Finance showed that one Japanese yen equaled zero BTC.
In February, BTC rallied against several fiat currencies and achieved all-time highs in some 14 countries as the industry buoyed off euphoria from the newly approved spot BTC ETFs.
What’s your Reaction?
+1
+1
+1
+1
+1
+1
Leave a Reply