Bitcoin Reaches All-Time Highs for Several Countries

Bitcoin recently achieved new all-time highs when compared to several fiat currencies facing inflationary pressures.

From October 23rd to 24th, the price of one Bitcoin increased in comparison to the Argentine peso, Nigerian naira, Turkish lira, Laotian kip, and the Egyptian pound. 

This increase can be attributed to the ongoing devaluation of these currencies, further amplified by a recent 17% rise in Bitcoin's price.

During this timeframe, the Argentine peso, Nigerian naira, and Turkish lira experienced their lowest exchange rates against the U.S. dollar on October 24th and 25th.

According to data from the International Monetary Fund (IMF), the Venezuelan bolivar registers the highest annual inflation rate at 360%, followed by the Zimbabwean dollar at 314%, Sudanese pound at 256%, and the Argentine peso at 122%. 

The Turkish lira and Nigerian naira hold the sixth and fifteenth positions with annual inflation rates of 51% and 25%, based on IMF data.

Nigeria, Turkey, and Argentina are among the countries noted for their Bitcoin and cryptocurrency adoption rates, as reported by Chainalysis on September 12th. 

However, the relationship between these countries' governments and the Bitcoin and cryptocurrency industry has been marked by occasional discord.

Nigeria has shown increasing acceptance of Bitcoin and cryptocurrencies, with plans to recognize them as "capital for investment" after initially banning local banks from servicing exchanges in February 2021. 

In contrast, Turkey implemented a ban on Bitcoin and crypto payments for goods and services in April 2021 and is actively developing a central bank digital currency (CBDC).

Additionally, Argentina's inflation crisis hinges on the upcoming election, where Massa backs a CBDC to combat inflation and reduce reliance on the U.S. dollar, while Milei supports abolishing the central bank.