Bitcoin (BTC) has hit an all-time high in terms of the yen (JPY), reflecting pressure on Japan’s fiat currency.

For example, on Monday morning, the leading cryptocurrency, often considered digital gold, hit a new high of 7.9 million yen on Tokyo-based cryptocurrency exchange bitFLYER. In contrast, the dollar-denominated price of the cryptocurrency has surpassed $52,000, 32% short of the record high of $69,000 reached in November 2021, according to data from charting platform TradingView.