Bitcoin reaches a historic record for the Russian rouble

Bitcoin has never cost so many rubles.

In the midst of the ongoing rebound in the cryptomoney market, Bitcoin (BTC) secured another milestone by setting a new all-time record against Russia’s national currency, the ruble.

According to data from the major cryptomontage tracking website, CoinGecko, Bitcoin set another historic record against the ruble, crossing its previous ATH of about 1,157,000 rubles. According to CoinGecko, Bitcoin was worth more than 1,160,000 at 16:00 UTC.

Bitcoin’s new ATH comes amidst a major rebound in the crypt coin market, with Bitcoin reaching $14,700 for the first time since early January 2018 today. The rally continues to gain momentum, as Bitcoin Bank now tops $15,000, according to CoinGecko data.

As the ruble has weakened against the dollar, the new ATH is not only based on Bitcoin’s massive growth. The previous ATH of Bitcoin’s price against the ruble was recorded in 2017, when Bitcoin reached its record high of $20,000. At that time, the US dollar cost around 59 rubles. After a major drop against the rouble in the middle of the US presidential elections, a dollar is now worth about 77 roubles.

The Russian rouble is not the only fiat currency facing new record highs for Bitcoin in the midst of the ongoing upswing and rising inflation. According to businessman and market commentator Alistair Milne, the price of Bitcoin reached a new record in seven national currencies such as Brazil, Turkey and Argentina in October 2020. On October 22, Milne predicted that Bitcoin will soon reach a new ATH in local currencies of Russia and Colombia.