A tweet congratulating Tahini’s showed that the price of Bitcoin (BTC) reached new highs in these countries in a single day, December 12.
But the interesting fact from the tweet was about the Argentine peso. At the time of initial publication, one Bitcoin was worth 15,176,100 Argentine pesos. However, after the devaluation in Argentina, it rose by more than 100% again to reach a new record high of 33,677,222 Argentine pesos.
The significant rise in the price of BTC in these countries is attributed to the high inflation rates they are currently experiencing. As inflation worsens and these currencies depreciate against the US dollar, the price of Bitcoin (BTC) rises significantly.
For example, Lebanon's inflation rate is currently 208%, one of the highest in the world. Argentina's inflation rate is the second highest on this list at 135%.
For this reason, President-elect Javier Milei appears to be taking a strong stance on Bitcoin. He aims to combat these high rates of inflation during his term.
Likewise, all other countries on this list are experiencing inflation rates of at least 29%. Egypt records 35.7%, Nigeria 30.6%, Turkey 64%, and Pakistan 29.4%.
