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

According to the International Monetary Fund, the Venezuelan bolivar presently has the highest yearly inflation rate at 360%, followed by Zimbabwean dollar (314%), Sudanese pound (256%) and ARS (122%). The Turkish lira and Nigerian naira came in 6th and 15th with yearly inflation rates of 51% and 25% respectively, IMFs data shows.Heat map of countries in the world with matching yearly inflation rates. Source: IMFCrypto observers have long seen digital assets, such as Bitcoin and stablecoins, as a hedge versus rocketing inflation, the current figures might reinforce 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, its 99% most likely that the residents of that beautiful nation would benefit from #Bitcoin. Argentinas present offers a glimpse into Americas future, where the main bank raised interest rates 15 percentage points to 133% on Oct. 12.

The cost of Bitcoin (BTC) has actually notched new all-time highs versus some of the worlds most inflationary fiat currencies.Across 30 hours over Oct. 23 to 24, the cost of purchasing 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 simply struck an all-time high in Argentina, Turkey and Nigeria. pic.twitter.com/sKRNUaBMX8— Miles Deutscher (@milesdeutscher) October 26, 2023

Nevertheless, it needs to be kept in mind that the outcome is due to the continuous decline of the currencies, worsened by Bitcoins recent 16% cost boost. NGN and TRY fell to their least expensive points versus the U.S. dollar on Oct. 24 and Oct. 25, while ARS is just 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 yearly inflation rate at 360%, followed by Zimbabwean dollar (314%), Sudanese pound (256%) and ARS (122%). The Turkish lira and Nigerian naira came in 15th and sixth with annual inflation rates of 51% and 25% respectively, IMFs information shows.Heat map of nations on the planet with corresponding yearly inflation rates. Source: IMFCrypto observers have long seen digital assets, such as Bitcoin and stablecoins, as a hedge against rocketing inflation, the current figures might boost that narrative.Nigeria, Turkey and Argentina boast the 2nd, 15th and 12th highest rates of cryptocurrency adoption in the world, according to a Sept. 12 report by Chainalysis.With inflation at 99% in #Argentina, its 99% most likely that the residents of that beautiful nation would take advantage of #Bitcoin.– Michael Saylor ⚡ (@saylor) February 15, 2023

Meanwhile, Argentinas inflation crisis could be affected by the result of its presidential election in November, with presidential prospect Javier Milei set to face competitor Sergi Massa in a last run-off vote on Nov. 19. Related: Turkey to use blockchain-based digital identity for online public services Massa, who presently functions as the nations minister of economy, desires Argentina to release a main bank digital currency (CBDC) “as quickly as possible” as a way to “resolve” the nations long-lasting inflation crisis. Argentinas present supplies a look into Americas future, where the central bank raised rate of interest 15 percentage indicate 133% on Oct. 12. But with #inflation performing at 138% and deficit spending and financial obligation rising, the rate hikes will have no result on minimizing inflation.– Peter Schiff (@PeterSchiff) October 26, 2023

The federal governments of these countries have not always seen eye-to-eye with the cryptocurrency market. Nigeria is finally becoming more inviting to cryptocurrencies after its central bank prohibited local banks from providing services to cryptocurrency exchanges in Feb. 2021. Progress was made in December 2022 when Nigeria revealed its intention to pass a bill recognizing cryptocurrencies as “capital for financial investment”– mentioning the need to keep up with “worldwide practices” as one of the primary factors behind its change in stance.And while Turkey is home to a few of the most crypto-curious people, its reserve bank banned cryptocurrency payments for goods and services in April 2021. It has also working on a main bank digital currency (CBDC) to digitalize the Turkish lira over the last couple of years. #Bitcoin fixes thisIm back in my lovely nation, Turkey, after 6 months. Surprised to witness the exact same products costing 3– 4 times more currently. Leas, food, public transportation, and more costs escalate routinely. High inflations destruction is real and alarming. pic.twitter.com/X4N4Axuh1n— Gülben Gözü (@gulbengozu) August 28, 2023

He has likewise voiced an intent to keep the U.S. dollar far from Argentinians, explaining that Argentinians must rather be “patriots” and safeguard the Argentine Peso.Milei on the other hand, wants the U.S dollar to be embraced in addition to abolishing Argentinas central bank.Magazine: Unstablecoins: Depegging, bank runs and other risks loom

Other Questions People Ask

What factors contributed to Bitcoin price hitting all-time highs across Argentina, Nigeria and Turkey?

The recent surge in Bitcoin prices in Argentina, Nigeria, and Turkey can be attributed to the significant inflation rates in these countries. With Argentina experiencing inflation at 99%, and Nigeria and Turkey also facing high inflation, residents are increasingly turning to Bitcoin as a hedge against their depreciating currencies. This trend is further supported by the recent 16% increase in Bitcoin's value, making it an attractive option for those seeking stability amidst economic turmoil.

How does inflation impact Bitcoin price in Argentina, Nigeria, and Turkey?

Inflation directly influences Bitcoin prices in Argentina, Nigeria, and Turkey by driving residents to seek alternative stores of value. As local currencies like the Argentine peso, Nigerian naira, and Turkish lira continue to decline, more individuals are adopting Bitcoin to protect their wealth. This increased demand for Bitcoin in these inflation-stricken economies has led to record-high prices against their respective fiat currencies.

What role does cryptocurrency adoption play in the rising Bitcoin price in these countries?

High rates of cryptocurrency adoption in Argentina, Nigeria, and Turkey significantly contribute to the rising Bitcoin prices. According to Chainalysis, these countries rank among the highest globally for cryptocurrency usage, which indicates a growing acceptance of digital assets as viable financial tools. As more people engage with cryptocurrencies, the demand for Bitcoin increases, further driving up its price amid ongoing economic challenges.

What are the implications of Bitcoin's all-time highs for residents of Argentina, Nigeria, and Turkey?

The all-time highs of Bitcoin prices present both opportunities and challenges for residents in Argentina, Nigeria, and Turkey. For many individuals facing hyperinflation, Bitcoin offers a potential safeguard against currency devaluation. However, the volatility of Bitcoin also poses risks, as sudden price fluctuations can impact those who invest heavily without understanding the market dynamics.

How do government policies affect Bitcoin prices in Argentina, Nigeria, and Turkey?

Government policies play a crucial role in shaping the landscape for Bitcoin prices in Argentina, Nigeria, and Turkey. In Nigeria, recent legislative changes have begun to recognize cryptocurrencies as legitimate investment capital, potentially boosting adoption. Conversely, restrictive measures in Turkey regarding cryptocurrency payments have created uncertainty, influencing how residents interact with digital currencies and impacting Bitcoin's market performance.