December 22, 2024
Bitcoin price hits all-time highs across Argentina, Nigeria and Turkey

The price of Bitcoin (BTC) has hit all-time highs relative to some of the most inflationary fiat currencies in the world.

In the 30 hours between October 23 and 24, the cost to buy 1 Bitcoin using Argentine Peso (ARS), Nigerian Naira (NGN), Turkish Lira (TRY), Lao Kip (LAK), and Chinese Yuan was The highest level in history. Egyptian Pound (EGT).

However, it should be noted that this result is due to the continued depreciation of the currency, which has been exacerbated by Bitcoin’s recent 16% price increase.

NGN and TRY hit their lowest points against the USD on October 24 and 25, while ARS is only 0.85% below its all-time low (against the USD).

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

According to data from the International Monetary Fund, the Turkish lira and the Nigerian naira rank sixth and 15th, with annual inflation rates of 51% and 25% respectively.

Heat map of countries around the world and their corresponding annual inflation rates.Source: International Monetary Fund

Cryptocurrency observers have long viewed digital assets such as Bitcoin and stablecoins as a hedge against soaring inflation, and recent data may support that assertion.

According to a September 12 Chainaanalysis report, Nigeria, Turkey, and Argentina rank 2nd, 12th, and 15th globally in terms of cryptocurrency adoption.

However, the governments of these countries do not always see eye to eye on the cryptocurrency industry.

Nigeria has finally become more welcoming of cryptocurrencies after the country’s central bank banned local banks from providing services to cryptocurrency exchanges in February 2021.

In December 2022, Nigeria made progress by announcing its intention to pass a bill recognizing cryptocurrencies as “investment capital,” citing the need to keep up with “global practices” as one of the main reasons for its change of stance.

Although Turkey is home to some of the most curious people about cryptocurrencies, its central bank banned cryptocurrency payments for goods and services in April 2021. In the past, Turkey has also worked on developing a central bank digital currency (CBDC) to digitize the Turkish lira for several years.

Meanwhile, Argentina’s inflation crisis may be affected by the outcome of November’s presidential election, in which candidate Javier Milei will face rival Sergi Massa in a Nov. 19 runoff. (Sergi Massa).

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Massa, who currently serves as the country’s economic minister, hopes that Argentina will launch a central bank digital currency (CBDC) “as soon as possible” as a means to “solve” the country’s long-term inflation crisis.

He also expressed his intention to keep the dollar away from Argentines, explaining that Argentines should become “patriots” and defend the Argentine peso.

Milley, on the other hand, wanted to adopt the U.S. dollar in addition to abolishing the Argentine central bank.

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