Bitcoin price hits ATH in Argentina, Nigeria and Türkiye

Bitcoin price hits ATH in Argentina, Nigeria and Türkiye

New all-time highs occurred in Argentina, Nigeria and Türkiye although Bitcoin is still down more than 50% from its peak price of $69,000 against the US dollar.

“In the 30 hours from October 23 to 24, the cost of buying one Bitcoin reached an all-time high using Argentine pesos, Nigerian naira, Turkish lira, Lao kip and Egyptian pound.” , according to Cointelegraph.

However, it should be noted that this is due to the continuous devaluation of the above currencies.

The naira and lira fell to their lowest levels against the US dollar on October 24 and October 25, while the peso fell only 0.85% from its all-time low (versus the US dollar). .

According to the International Monetary Fund (IMF), the Venezuelan bolivar currently has the highest annual inflation rate at 360%, followed by the Zimbabwean dollar (314%), Sudanese pound (256%) and Argentine peso (122%).

The country's regulator wants the country to issue a CBDC "as soon as possible" to address the country's long-running inflation crisis. IMF data shows the Turkish lira and Nigerian naira stand at sixth and 15th place with annual inflation rates of 51% and 25% respectively.

Cryptocurrency observers have long looked to digital assets, such as Bitcoin and stablecoins, as a hedge against skyrocketing inflation, and recent figures may reinforce this.

Additionally, one of the reasons for the high BTC price in these countries is the high cryptocurrency adoption rate.

Nigeria, Turkey and Argentina boast the 2nd, 12th and 15th highest cryptocurrency adoption rates worldwide, according to a September 12 report by Chainalysis.

Nigeria recently announced its intention to pass a bill recognizing cryptocurrencies as “investment capital.” While Türkiye is working on a central bank digital currency (CBDC) to digitize its lira.


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