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

The price of Bitcoin (BTC) has notched new all-time highs against some of the world’s most inflationary fiat currencies.

Across 30 hours over Oct. 23 to 24, the cost of buying one Bitcoin has reached all time-highs when using the Argentine peso (ARS), Nigerian naira (NGN), Turkish lira (TRY), Laotian kip (LAK) and the Egyptian pound (EGT).

#Bitcoin just hit an all-time high in Argentina, Turkey and Nigeria. pic.twitter.com/sKRNUaBMX8

— Miles Deutscher (@milesdeutscher)October 26, 2023

However, it should be noted that the result is due to the ongoing devaluation of the currencies, exacerbated by Bitcoin’s recent 16% price increase.

NGN and TRY fell to their lowest points against the U.S. dollar on Oct. 24 and Oct.25, while ARS is only 0.85% off its all-time low (against the U.S. dollar).

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

The Turkish lira and Nigerian naira came in sixth and 15th with annual inflation rates of 51% and 25% respectively, IMF’s data shows.

Heat map of countries in the world with corresponding annual inflation rates. Source: IMF

Crypto observers have long seen digital assets, such as Bitcoin and stablecoins, as a hedge against rocketing inflation, the recent figures could bolster that narrative.

Nigeria, Turkey and Argentina boast the 2nd, 12th and 15th highest rates of cryptocurrency adoption in the world, according to a Sept. 12 report by Chainalysis.

With inflation at 99% in #Argentina, it’s 99% likely that the citizens of that beautiful country would benefit from #Bitcoin.

— Michael Saylor⚡️ (@saylor)February 15, 2023

However, the governments of these countries haven't always seen eye-to-eye with the cryptocurrency industry. 

Nigeria is finally becoming more welcoming to cryptocurrencies after its central bank banned local banks from providing services to cryptocurrency exchanges in Feb. 2021.

Progress was made in December 2022 when Nigeria announced its intention to pass a bill recognizing cryptocurrencies as “capital for investment” — citing the need to keep up with “global practices” as one of the main reasons behind its change in stance.

And while Turkey is home to some of the most crypto-curious people, its central bank banned cryptocurrency payments for goods and services in April 2021. It has also working on a central bank digital currency (CBDC) to digitalize the Turkish lira over the last few years.

#Bitcoin fixes thisI'm back in my beautiful country, Turkey, after 6 months. Shocked to witness the same goods costing 3–4 times more already. Rents, food, public transport, and more costs skyrocket regularly. High inflation's devastation is real and alarming. pic.twitter.com/X4N4Axuh1n

— Gülben Gözü (@gulbengozu)August 28, 2023

Meanwhile, Argentina’s inflation crisis could be influenced by the outcome of its presidential election in November, with presidential candidate Javier Milei set to face competitor Sergi Massa in a final run-off vote on Nov. 19.

Related: Turkey to use blockchain-based digital identity for online public services

Massa, who currently serves as the country’s minister of economy, wants Argentina to launch a central bank digital currency (CBDC) “as soon as possible” as a means to “solve” the country’s long-lasting inflation crisis.

Argentina's present provides a glimpse into America's future, where the central bank raised interest rates 15 percentage points to 133% on Oct. 12. But with #inflation running at 138% and budget deficits and debt rising, the rate hikes will have no effect on reducing inflation.

— Peter Schiff (@PeterSchiff)October 26, 2023

He has also voiced an intention to keep the U.S. dollar away from Argentinians, explaining that Argentinians should instead be “patriots” and defend the Argentine Peso.

Milei on the other hand, wants the U.S dollar to be adopted in addition to abolishing Argentina’s central bank.

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