Key Takeaways
- Bitcoin hit record prices in countries experiencing high inflation, including Argentina, Nigeria, and Turkey.
- These nations are among the top global leaders in cryptocurrency adoption.
- Governmental stance towards cryptocurrencies in these countries has been evolving, with some showing signs of embracing digital assets as a solution to economic issues.
Over the span of October 23-24, Bitcoin has achieved new record prices when measured against some of the world’s most inflation-prone fiat currencies, including the Argentine peso, Nigerian naira, and Turkish lira, among others.
This surge aligns with Bitcoin’s recent 16% price increase and coincides with significant currency devaluation in these countries.
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The value of Bitcoin surged in Argentina, Nigeria, Turkey, Laos, and Egypt due to the continuous devaluation of their respective national currencies.
The decline in the value of the naira, lira, and peso is particularly notable. The first two currencies touched new lows against the US dollar on October 24th and 25th, while the peso is close to its all-time low.
Gile is a Market Sentiment Analyst who understands what public events may form what emotions. Her experience researching Web3 news and public market messages – including cryptocurrency news reports, PRs, and social network streams – is critical to her role in helping lead the Crypto News Editorial Team.
As an intelligent professional in public relations, together with the team, she aims to determine real VS fake news patterns, and bring her findings to anyone searching for unbiased news and events happening in the FinTech markets. Her expertise is uncovering the latest trustworthy & informative Web3 announcements to the masses.
When she’s not researching the trustworthiness of mainstream stories, she spends time enjoying her terrace view and taking meticulous care of her outdoor environment.
