Bitcoin Hits New Highs in Nigeria,Turkey and Argentina

Bitcoin Hits New Highs in Nigeria,Turkey and Argentina

EconomyBitcoin

By Miles

27 Oct 2023 (8 months ago)

2 min read

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Bitcoin hits record values against some national currencies as countries like Nigeria, Turkey, and Argentina face money challenges and respond to crypto trends.

Bitcoin's value has reached record highs when exchanged with some national currencies, including the Argentine peso, Nigerian naira, Turkish lira, and others between Oct. 23 to 24. This is due to those currencies getting weaker and Bitcoin's price increasing by 16%.

Currencies like the Nigerian naira and Turkish lira recently dropped a lot compared to the U.S. dollar. The Venezuelan bolivar, Zimbabwean dollar, and Argentine peso are among the most affected by high inflation rates.

Many people see cryptocurrencies like Bitcoin as a protection against rising inflation. Countries like Nigeria, Turkey, and Argentina have many people using cryptocurrencies.

Nigeria has started to be friendlier to cryptocurrenciesafter being against it in early 2021. Last December, Nigerian Goverments wanted to recognize cryptocurrencies for investments, aiming to follow global trends.

Turkey, even with many interested in crypto, stopped allowing crypto payments in 2021. But, they're trying to create their own digital version of the lira.

In Argentina, there's a big election soon. One candidate, Javier Milei, wants to use the U.S dollar more and get rid of Argentina's central bank. The other, Sergi Massa, wants to create a digital version of the peso to help with the country's money problems. He thinks Argentinians should support their own currency.

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