Bitcoin Achieves all-time Highs in Argentina, Nigeria, and Turkey

By: Isha Das

Bitcoin, the world's leading cryptocurrency, has reached new highs against some of the world's most inflationary fiat currencies despite being down over 50% from its peak against the U.S. dollar. Over the 24-hour period from October 23 to 24, Bitcoin recorded all-time highs against the Argentine peso, the Nigerian Naira, the Turkish Lira, the Laotian Kip, and the Egyptian pound.

This doesn't imply that Bitcoin's value has drastically increased. Instead, it reflects the ongoing devaluation of these currencies combined with a recent 16% price increase for Bitcoin. Among these currencies, the Argentine peso, the Nigerian Naira, and the Turkish Lira have prominently witnessed their lowest points against the U.S. dollar in recent times.

Bitcoin and other digital assets have long been perceived as an effective hedge against inflation. Given the high rates of inflation in these countries, which the International Monetary Fund (IMF) data confirms, the increase in Bitcoin’s value aligns with this narrative. According to the same IMF data, the Venezuelan Bolivar currently tops the list with the highest annual inflation rate.

However, the response towards this rising popularity of cryptocurrencies varies across these inflation-ridden countries. While some countries like Nigeria have opened up to digital currencies after a phase of resistance, others like Turkey have restricted their usage. Meanwhile, Argentina's approach towards cryptocurrency tokens very much depends on the political future of the country.