The price of Bitcoin has managed to notch some all-time highs against some of the most inflationary fiat currencies in the world. Across 30 separate hours over the 23rd to 24th of October, the cost of purchasing a single BTC token reached all-time highs, when one went on to use the Nigerian naira, Argentine Peso, Laotian Kip, Turkish Lira, or the Egyptian pound.
However, it must also be noted that the result was largely due to the ongoing and continuous devaluation of the currencies, which was exacerbated by the recent price increase of the cryptocurrency by about 16%. The lira, as well as the naira, fell to their lowest points against the USD on the 24th and the 25th of October, while the peso was just 0.85% off its all-time low.
Bitcoin Touching All-Time Highs In Several Countries
According to an official announcement made by the International Monetary Fund, the Venezuelan bolivar has been through the highest rate of inflation at 360%. This has been followed by the Zimbabwean dollar, the Sudanese Pound, and the Argentine Peso. The Nigerian naira and the Turkish Lira come in at 15th, and 6th place with annual rates of inflation at 51% and 25% respectively.
As it turns out, the governments in these countries don’t seem to see eye-to-eye with Bitcoin and other players in the cryptocurrency industry. Interestingly, Nigeria is slowly becoming more welcoming to cryptocurrencies after the central bank in the country banned the local banks from providing any form of services to cryptocurrency exchanges in February 2021. Progress was further made in December 2022, when the country announced its intention to pass a bill that would recognize cryptocurrencies as capital for investment.
