World events have an effect on Fiat currencies and Digital currencies, positive or negative. And when individual countries implement changes for example such as demonetization in India, the price of Bitcoin soars. During the demonetization process in November and December 2016, Bitcoin was traded over $1200 vs other countries trading around $750 per Bitcoin. It is always wise to check the price of Bitcoin in your local currency.
This week, South Africa after a political reshuffle and the firing of the incumbent Finance Minister, saw South Africa downgraded to Junk status. If Bitcoin had been purchased with ZAR just two years ago, the graph below indicates how much value has increased during this time.
An incredible growth of 505% in the Bitcoin price when purchased with South African Rand. On LocalBitcoins.com the ZAR prices for Bitcoin start over R17,000 at time of publishing.
Venezuela is a country in hyperinflation, a direct result of what happens when the general population loses all confidence in the government. During 2016 and in just two months, the bolivar plummeted 50% in value. Prices of food and goods continue to soar and shopkeepers in Venezuela have to weigh bolivars. The black market for alternative currencies is becoming prevalent.
The graph below shows an enormous growth of 747% in the Bitcoin price when purchased with VEF, however, NOTE that 1 Boliver is worth USD 0.10. Bitcoin is sold via LocalBitcoins in Venezuela for higher prices due to demand.
The BREXIT national vote result in 2016 caused the Pound to drop to a 31 year low against the USD, however, it has recovered somewhat and currently trading at GBP 1,25 to the USD and EUR 1,17 to GBP. During 2016, the Euro was worth more than the Pound. Article 50 to leave the European Union, was triggered by Theresa May on Wednesday 29 March 2017 which will be a two year process.
Bitcoin that was purchased with GBP two years ago, the increase in Bitcoin value would be 579%. Difficult to find this type of growth anywhere!
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