Bitcoin reaches all-time highs in Nigeria, Argentina, and Turkey as inflation runs rampant. Discover how residents turn to this safe haven asset in the face of currency devaluation.
Bitcoin is reaching unprecedented heights in Nigeria, Turkey, and Argentina, reflecting the dire economic conditions in these nations. With inflation soaring, Bitcoin’s value has surged to 28.4 million Nigerian naira (NGN), 12.4 million Argentine pesos (ARS), and 979,000 Turkish lira (TRY).
Argentina, facing triple-digit inflation, ranks among the world’s highest inflation rates. Turkey and Nigeria follow closely, with their inflation rates spiking by 25% and 52%, respectively, over the past year. The erosion of their fiat currencies’ purchasing power has driven significant demand for Bitcoin, historically regarded as a hedge against inflation.
Surprisingly, crypto adoption continues to rise in these inflation-stricken countries despite governmental restrictions. Nigeria, in particular, remains a hub of crypto activity, with a 9% year-on-year increase in transactions, totaling 56.7 billion by June 2023. The Nigerian government is even considering legalizing Bitcoin.
Turkey and Argentina also embrace Bitcoin, with a substantial portion of their populations seeking refuge from inflation’s devastating effects. The digital asset has even become a central political topic in Argentina.
