Six Countries Witness New Bitcoin All-Time Highs
The Bitcoin price has surged by around 80% this year, reaching its highest levels in 2023. Although it hasn’t yet reached its all-time high of $69,000, Bitcoin has achieved new all-time highs in six countries.
The official Twitter account of Middle-Eastern restaurant Tahini’s shared screenshots demonstrating how Bitcoin has reached new all-time highs in Egypt, Nigeria, Lebanon, Pakistan, Turkey, and Argentina.
This is what Bitcoin looks like for the citizens of Turkey, Egypt, Nigeria, Argentina, Lebanon and Pakistan.
A combined population of
725 MILLION people
Try to convince them Bitcoin is not useful. Good luck— Tahini’s (@TheRealTahinis) December 13, 2023
The charts provided show the performance of Bitcoin against the local currencies of these countries. Despite failing to reclaim its all-time high in terms of the US dollar, Bitcoin has reached new ATHs against the Egyptian Pound, Nigerian Naira, Lebanese pound, Pakistani Rupee, Turkish lira, and Argentine Peso.
Tahini’s post revealed that on December 12 alone, the BTC price hit new all-time highs in these countries. Notably, the Argentine peso experienced significant debasement resulting in a surge of over 100%, with one BTC being worth 33,677,222 Argentine pesos.
Driving Factors Behind the Surge
The significant increase in the price of Bitcoin in these countries can be attributed to high inflation rates. As these currencies weaken against the US dollar due to inflationary pressures, the price of Bitcoin rises considerably.
For instance, Lebanon currently faces an inflation rate of 208%, one of the highest globally. Argentina follows closely with an inflation rate of 135%. This explains why President-Elect Javier Milei has a pro-Bitcoin stance as he aims to combat these high inflation rates during his term in office.
All the countries on this list also experience inflation rates of at least 29%. Egypt stands at 35.7%, Nigeria at 30.6%, Turkey at 64%, and Pakistan at 29.4%.
Given these circumstances, it’s not surprising that these countries exhibit some of the highest crypto adoption rates globally as residents seek to protect their wealth. Argentina, Nigeria, Pakistan, and Turkey rank in the top 20 of the Global Crypto Adoption Index released by Chainalysis in 2023.
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