Earn Free Bitcoin

Subscribe to our newsletter to stay informed on opportunities to earn free BTC & other cryptocurrencies.

Join our social media community on Twitter, Telegram and YouTube. @FreeBitcoin.News
Bitcoin Blockchain

Bitcoin Hits All-Time Highs Across Many Countries

Bitcoin (BTC), the world’s most popular cryptocurrency, has recently hit all-time highs against several fiat currencies. This surge in value has been particularly pronounced in countries with high inflation rates, such as Argentina, Nigeria, Turkey, Laos, and Egypt. In this article, we will explore the factors contributing to Bitcoin’s record-breaking performance in these countries, as well as the implications for global adoption of the cryptocurrency.

Bitcoin: Soaring Value and Inflationary Fiat Currencies

Over a span of 30 hours, from October 23 to 24, the price of one bitcoin reached all-time highs when measured against the Argentine peso, Nigerian naira, Turkish lira, Laotian kip, and the Egyptian pound. It is important to note that these highs are a result of the ongoing devaluation of these currencies, which has been further exacerbated by BTC’s recent 16% price increase.

The Nigerian naira and Turkish lira, in particular, experienced significant declines against the United States dollar on October 24 and 25. The Argentine peso is also nearing its all-time low against the U.S. dollar, with just a marginal difference of 0.85%. These figures highlight the stark reality of high inflation rates in these countries.

According to the International Monetary Fund (IMF), the Venezuelan bolivar currently holds the unfortunate title of having the highest annual inflation rate at a staggering 360%. It is closely followed by the Zimbabwean dollar (314%), the Sudanese pound (256%), and the Argentine peso (122%). The Turkish lira and Nigerian naira rank sixth and fifteenth on the list, with annual inflation rates of 51% and 25%, respectively.

Bitcoin as a hedge against inflation

The recent surge in Bitcoin’s value against these inflationary fiat currencies has reinforced the notion that digital assets, including stablecoins, can serve as a hedge against skyrocketing inflation. Nigeria, Turkey, and Argentina, which rank second, twelfth, and fifteenth, respectively, in terms of cryptocurrency adoption worldwide, have experienced significant interest in BTC as a means to protect wealth.

In Argentina, where inflation is currently at 99%, it is no surprise that citizens are turning to Bitcoin for financial security. Renowned entrepreneur Michael Saylor has even stated that, with Argentina’s high inflation rate, it is highly likely that the citizens would benefit from BTC.

Government Response to Cryptocurrency Adoption

Nigeria, Turkey, and Argentina have all faced challenges in embracing the cryptocurrency industry. Nigeria banned local banks from offering services to cryptocurrency exchanges in February 2021, but has since passed a bill recognizing cryptocurrencies as “capital for investment.” Turkey, known for its crypto-curious population, imposed a ban on cryptocurrency payments in April 2021 but is exploring the possibility of launching a central bank digital currency (CBDC). In Argentina, presidential candidate Javier Milei supports launching a CBDC to address the inflation crisis, while his opponent advocates for the Argentine peso and resists the U.S. dollar.

Implications for Global Adoption

Bitcoin’s surge in value against inflationary fiat currencies indicates a growing interest in cryptocurrencies for wealth preservation in high-inflation countries. This trend suggests the global adoption of digital assets like Bitcoin. As the world becomes interconnected, financial instability can have global consequences. Bitcoin’s ability to hedge against inflation offers an alternative store of value, potentially driving future adoption of cryptocurrencies.

Conclusion

Bitcoin’s recent high against inflationary fiat currencies indicates its growing importance as a hedge against inflation. Countries like Argentina, Nigeria, and Turkey have adopted Bitcoin due to economic challenges. Despite mixed government responses, the global adoption of Bitcoin remains promising, and as the world becomes interconnected, its value in wealth preservation is expected to grow.

Avatar

bitcoinnewswire.io

About Author

You may also like

Bitcoin

Post-Apocalyptic Tendencies in 2021 Games designs

There are many variations of passages of Lorem Ipsum available but the majority have suffered alteration in that some injected
Bitcoin

Top 5 Games to Submit Pre-orders for this Time of the Year

There are many variations of passages of Lorem Ipsum available but the majority have suffered alteration in that some injected
Verified by MonsterInsights