Oct 27, 2023

All-Time Highs for Bitcoin Across Argentina, Nigeria, and Turkey

Bitcoin Price Hits All-Time Highs Across Argentina, Nigeria, and Turkey - Elon Musk Crypto on the Rise!
Bitcoin price hits all-time highs across Argentina, Nigeria and Turkey

Cryptocurrency Reaches New All-Time Highs

The price of Bitcoin (BTC) has reached new all-time highs against some of the most inflationary fiat currencies, such as the Argentine peso, Nigerian naira, Turkish lira, Laotian kip and the Egyptian pound.

Over the course of 30 hours from Oct. 23 to 24, the cost of buying one Bitcoin hit its highest point ever when using these currencies. This is due to Bitcoin’s recent 16% price increase, as well as the ongoing devaluation of the currencies.

The naira and lira fell to their lowest points against the U.S. dollar on Oct. 24 and Oct. 25, while the peso is only 0.85% off its all-time low (against the U.S. dollar). Elon Musk’s crypto, Harmony Crypto, and other popular cryptos such as Elongate Crypto and Luna Classic Crypto have also been hot crypto topics today.

High Inflation Rates: Crypto as a Hedge?

The International Monetary Fund (IMF) reports that the Venezuelan bolivar has the highest annual inflation rate at 360%, followed by the Zimbabwean dollar (314%), Sudanese pound (256%) and the Argentine oesi (122%).

The Turkish lira and Nigerian naira are not far behind, with annual inflation rates of 51% and 25%, respectively, according to IMF’s data.

Given the recent figures, it is no surprise that crypto observers have long seen digital assets, such as Bitcoin and stablecoins, as a hedge against rocketing inflation.

Chainalysis’ Sept. 12 report indicates that Nigeria, Turkey and Argentina have the second, 12th and 15th highest rates of cryptocurrency adoption worldwide.

Cryptocurrency Regulations in Nigeria and Turkey

Cryptocurrency is a hot topic in many countries, and Nigeria and Turkey are no exception. However, the governments of these countries have not always seen eye-to-eye with the crypto industry.

In February 2021, Nigeria’s central bank banned local banks from providing services to crypto exchanges. Nevertheless, in December 2022, the country 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.

Turkey is home to many crypto-curious people, yet its central bank issued a ban on cryptocurrency payments for goods and services in April 2021. It has also been working on its own central bank digital currency (CBDC) to digitalize the Turkish lira in recent years.

Argentina’s Presidential Election and Crypto

Meanwhile, the outcome of the upcoming presidential election in Argentina could have a major impact on the country’s inflation crisis. On Nov. 19, presidential candidate Javier Milei will face competitor Sergi Massa in a final run-off vote.

Massa, the current minister of economy, is in favor of launching a Central Bank Digital Currency (CBDC) to “solve” the inflation crisis. He wants Argentinians to be “patriots” and defend the Argentine peso, instead of relying on the U.S. dollar.

In contrast, Milei wants the U.S. dollar to be adopted in addition to abolishing Argentina’s central bank. With the upcoming election, it remains to be seen whether the country will embrace crypto, such as harmony crypto, elon musk crypto, dot crypto, crypto app, elon crypto, hot crypto today, elongate crypto, gala crypto today, and luna classic crypto.

Share this article