As the rise in Bitcoin and altcoins continues, BTC rose above $ 35,000 for the first time since May 2022.
While new high levels were seen in Bitcoin in 2023, BTC reached historical levels in countries with high inflation.
At this point, the Bitcoin price reached all-time highs against the Argentine peso, Nigerian naira, and Turkish lira.
According to Coindesk, BTC approached 1 million TL in Turkish Lira for the first time, and exceeded 12 million in Argentine pesos and 28 million in Nigerian naira.
According to the IMF research report, Naira increased by 0.45 percent against the US dollar last month; While the Turkish Lira lost 45 percent of its value in the last six months, 2.9 percent per month; It has lost 31 percent of its value in the last six months.
The IMF report also stated that inflation rose to 25 percent in Nigeria and 51 percent in Turkey, causing a major decline in the purchasing power of TL and NGN.
The rise in inflation and the depreciation of fiat currencies increased the demand for Bitcoin, which is seen as a hedge against inflation.
While the rise in inflation increased the adoption rate of cryptocurrencies, according to a report published by Chainalysis in September, Nigeria was the second country that adopted cryptocurrencies the most, while Turkey and Argentina ranked 12th and 15th.
*This is not investment advice.
