Bitcoin's price pump across Oct. 23-24 sent BTC to new all-time highs against the Argentine peso, Nigerian naira, and other high-inflation currencies.
The new all-time highs come despite Bitcoin still being down over 50% against its price peak of $69,000 against the U.S. dollar.Across 30 hours over Oct. 23 to 24, the cost of buying one Bitcoin has reached all time-highs when using the Argentine peso , Nigerian naira , Turkish lira , Laotian kip and the Egyptian pound .However, it should be noted that the result is due to the ongoing devaluation of the currencies, exacerbated by Bitcoin’s recent 16% price increase.
NGN and TRY fell to their lowest points against the U.S. dollar on Oct. 24 and Oct.25, while ARS is only 0.85% off its all-time low .to the International Monetary Fund, the Venezuelan bolivar currently has the highest annual inflation rate at 360%, followed by Zimbabwean dollar , Sudanese pound and ARS .
The Turkish lira and Nigerian naira came in sixth and 15th with annual inflation rates of 51% and 25% respectively, IMF’s data shows.Crypto observers have long seen digital assets, such as Bitcoin and stablecoins, as a hedge against rocketing inflation, the recent figures could bolster that narrative.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.I'm back in my beautiful country, Turkey, after 6 months. Shocked to witness the same goods costing 3–4 times more already. Rents, food, public transport, and more costs skyrocket regularly. High inflation's devastation is real and alarming.
Argentina's present provides a glimpse into America's future, where the central bank raised interest rates 15 percentage points to 133% on Oct. 12. But withHe has also voiced an intention to keep the U.S. dollar away from Argentinians, explaining that Argentinians should instead be “patriots” and defend the Argentine Peso.
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