Is Bitcoin Surging to Record Highs in Response to Soaring Inflation in Argentina, Turkey, and Nigeria? 📈
Bitcoin has reached new all-time highs against various #inflationary fiat currencies, including the Argentine peso, Nigerian naira, Turkish lira, Laotian kip, and Egyptian pound.
This increase is primarily due to the devaluation of these currencies, exacerbated by a recent 16% rise in #bitcoin 's price. Some of these countries have high annual inflation rates, with Venezuela leading at 360%.
Crypto #adoption rates are relatively high in these nations, but government regulations have often clashed with the industry.
Nigeria is becoming more crypto-friendly, while Turkey banned crypto payments for goods and services. Argentina's inflation crisis may be influenced by its upcoming presidential election, with one candidate advocating for a central bank digital currency (CBDC) and the other pushing for the adoption of the U.S. dollar and the abolition of the central bank.
