LIVEIn Nigeria, Turkey, and Argentina, where fiat currencies are still having difficulty, bitcoin is trading at an all-time high. In some nations, like Nigeria and Turkey, where there is severe currency devaluation and political unpredictability, bitcoin is selling at a premium.
In Nigeria, Turkey, and Argentina, the most popular cryptocurrency is reaching new all-time highs (ATH) as people seek refuge in the asset despite skyrocketing inflation rates. This was observed on Friday morning.
Bitcoin Reaches Record Highs in Several Nations
As the fiat currencies of these nations continue to plummet, Bitcoin shot up to 28.4 million Nigerian Naira (NGN), 12.4 million Argentine Pesos (ARS), and 979,000 Turkish Lira (TRY).
The International Monetary Fund (IMF) reports that triple-digit inflation is currently occurring in Argentina, where the peso is fourth among currencies with the highest annual inflation rates.
The Nigerian naira and the Turkish lira, with annual inflation rates of 52% and 25% respectively, came in sixth and fifteenth place, respectively. The demand for bitcoin, which has long been seen as a hedge against inflation, has surged dramatically as a result of the sharp decrease in the value of these currencies. The Use of Bitcoin Is Growing in Inflation-Stricken Nations
Despite limitations on the digital asset market, the adoption rates of cryptocurrencies in Nigeria, Turkey, and Argentina have not decreased. According to a new Chainalysis research, Nigeria is the nation with the second-highest volume of cryptocurrency trade activity.
Nigeria's government outlawed cryptocurrency trading in 2021, yet the nation has nevertheless seen high trade volumes. As of June 2023, the number of cryptocurrency transactions in the African country had increased by 9% annually to 56.7 billion.
