Bitcoin prices have reached all-time highs across Argentina, Nigeria, and Turkey
The price of Bitcoin (BTC) has hit new all-time highs against some of the world's most hyper-inflationary fiat currencies.
Between October 23rd and 24th, the price of buying one bitcoin after 30 hours peaked when using the Argentine peso, Nigerian naira, Turkish lira, Laotian kip and Egyptian pound.
#Bitcoin hits all-time highs in Argentina, Turkey and Nigeria. pic.twitter.com/sKRNUaBMX8
— Miles Deutscher (@milesdeutscher) October 26, 2023
However, it should be noted that the results are due to the ongoing depreciation of currencies, which was exacerbated by Bitcoin's recent 16% price increase.
On October 24 and October 25, the peso was at an all-time low (against the US dollar) of only 0.85% of the naira and lira against 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%), the Sudanese pound (256%) and the Argentinean OCC (122%).
The Turkish lira and the Nigerian naira are ranked sixth and 15th in terms of annual inflation at 51 percent and 25 percent, respectively, according to IMF data.
Crypto watchers have long viewed digital assets like Bitcoin and stablecoins as hedges against rocket inflation — and the latest figures may reinforce that narrative.
According to a September 12 Chainalysis report, Nigeria, Turkey and Argentina boast the second, 12th and 15th highest cryptocurrency adoption rates worldwide.
With 99% inflation in #Argentina, there is a 99% chance that the citizens of that beautiful country will be using #Bitcoin.
— Michael Saylor⚡️ (@saylor) February 15, 2023
However, the governments of these countries have not always seen eye to eye with the cryptocurrency industry.
Nigeria is becoming more receptive to cryptocurrencies after its central bank finally banned local banks from offering cryptocurrency exchange services in February 2021.
In the year Progress was made when Nigeria announced in December 2022 that it planned to pass a bill recognizing cryptocurrencies as “investment capital”, citing the need to follow “global practices” as one of the main reasons for the change in stance.
And while Turkey is home to some very curious people, its central bank banned cryptocurrency payments for goods and services in April 2021. It is also working on a central bank digital currency (CBDC), most recently the Turkish lira. years.
#Bitcoin will fix this I am back to my beautiful country Turkey after 6 months. I was shocked to see similar items costing 3-4 times more. Rent, food, public transport and other expenses are constantly affected. The ravages of high inflation are real and worrying. pic.twitter.com/X4N4Axuh1n
— Gulbengozu (@gulbengozu) August 28, 2023
Meanwhile, Argentina's inflation crisis could affect the outcome of November's presidential election, with presidential candidate Javier Millay facing challenger Sergi Massa in a November 19 runoff.
Related: Turkey to use blockchain-based digital ID for online public services
Massa, who currently serves as the country's economy minister, wants Argentina to launch the CBCC “as soon as possible” to address the country's long-term inflation problem.
Argentina's present hints at America's future, with the central bank raising interest rates 15 percent to 133 percent on October 12. But with #inflation falling at 138% and the budget deficit and debt rising, it will have no effect on the price hike. Reduce inflation.
— Peter Schiff (@PeterSchiff) October 26, 2023
He also expressed his desire to keep the US dollar away from Argentinians, explaining that Argentines should be “patriotic” and defend the Argentine peso.
On the other hand, Miley wants the American dollar to be accepted in addition to dismantling the central bank of Argentina.
Journal: Unstable Coins: Debasement, Bankruptcy and Other Risks Looming.
